Slow bleed for Ethereum continues (16/7/2018)
Ethereum Weekly Outlook
ETHUSD weekly downtrend channel still intact. Weekly candle closed, engulfing the previous bullish weekly candle
Bullish case would be a break above 490 to show a break of the downtrend channel.
Volume is descending indicating contraction, many would attribute this as sellers being exhausted.
However if there is no follow up buying pressure this would lead to further sell-off. With a weak weekly close this adds more confluence that there would be a sell-off.
A break below this downtrend channel + key support at (390) would induce panic causing capitulation downwards.
The next floor region would be 300-258
Happy Hunting,
Charles Chua
ETHUSD weekly downtrend channel still intact. Weekly candle closed, engulfing the previous bullish weekly candle
Bullish case would be a break above 490 to show a break of the downtrend channel.
Volume is descending indicating contraction, many would attribute this as sellers being exhausted.
However if there is no follow up buying pressure this would lead to further sell-off. With a weak weekly close this adds more confluence that there would be a sell-off.
A break below this downtrend channel + key support at (390) would induce panic causing capitulation downwards.
The next floor region would be 300-258
Happy Hunting,
Charles Chua
Note
Dynamic 200 EMA acting as resistance
Trade fermée: ordre d’arrêt atteint
Got stopped out, however volume is weak shall not do anything and review the trade
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.