$ETH Pullback before Moon
Hey traders,
Newest update on Ethereum, surprising that the bullish momentum upwards didn't continue after posting that very bullish candle closure on the 4-hour, with no wick, all body, pushed up right against the $416 weekly resistance level. From there we saw your typical bullish flag bleed out and all I have to say is market makers are really playing with the emotions right now. I'm really confused on why we didn't continue pumping to the next level of resistance, $444, there were no clear indicators of a move back downwards and especially with these bullish posted candles, there's nothing I can say except 'market makers'. hahaha
In more seriousness, ETH broke down below $401 support, lost that level support, and found its bottom at $385 at the moment. Now we all know that $385 is the top of the accumulation zone, spanning from $369-$385, very major support/resistance area. I don't think that the price will hold here at $385, although there is a possibility, but there is a greater chance that we see a $369 retest again as well as wick the top of this uptrend that's right next to the $369 level. From there, I can see the price moving sideways for a bit (accumulating) before another move upwards. And on this move upwards, we will regain all our previous levels of support and swing up and touch $470 top of the valley again.
Compared to the king BTC, Ethereum has a little more volatility to it. This means the price can fluctuate & move a lot faster. Saying this, if we dump right here then Ethereum will fall a lot harder than Bitcoin. And if you like to play the market both ways, good on you and short this.
As always please do your own research, I am not a financial advisor.
Newest update on Ethereum, surprising that the bullish momentum upwards didn't continue after posting that very bullish candle closure on the 4-hour, with no wick, all body, pushed up right against the $416 weekly resistance level. From there we saw your typical bullish flag bleed out and all I have to say is market makers are really playing with the emotions right now. I'm really confused on why we didn't continue pumping to the next level of resistance, $444, there were no clear indicators of a move back downwards and especially with these bullish posted candles, there's nothing I can say except 'market makers'. hahaha
In more seriousness, ETH broke down below $401 support, lost that level support, and found its bottom at $385 at the moment. Now we all know that $385 is the top of the accumulation zone, spanning from $369-$385, very major support/resistance area. I don't think that the price will hold here at $385, although there is a possibility, but there is a greater chance that we see a $369 retest again as well as wick the top of this uptrend that's right next to the $369 level. From there, I can see the price moving sideways for a bit (accumulating) before another move upwards. And on this move upwards, we will regain all our previous levels of support and swing up and touch $470 top of the valley again.
Compared to the king BTC, Ethereum has a little more volatility to it. This means the price can fluctuate & move a lot faster. Saying this, if we dump right here then Ethereum will fall a lot harder than Bitcoin. And if you like to play the market both ways, good on you and short this.
As always please do your own research, I am not a financial advisor.
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