Playing around with other tickers to get a longer view, I panned back to ETHUSD and by accident saw something interesting. On the weekly chart, $380 was the resistance on a rising wedge months ago, so coming back down this in turn makes it strong support. While serving as such, on the 4 hr chart over the past couple of days we've bounced around the $380 and moved sideways a bit. Alongside that the cloud is flattening out and thinning as momentum has been wobbling around. If ETHUSD can muscle out a little bit more, and drift into the cloud where the long term descending trend line is grinding along, there might be a very good chance for a break out after challenging both hurdles.
This is something to watch over the next couple of days, even though that this could be a big bull trap....
This is something to watch over the next couple of days, even though that this could be a big bull trap....
Note
Even though there is a lot of overhead resistance while all the ingredients are converging, something is a cookin'If you look back at the 4hr bar, ETHUSD is trending range bound with a lot of significance around the $380. An important note, volume is decreasing.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.