ETHUSD - 30m Uptrend Line Broke, Retest or Find Support?
Updated
ETH Price action broke uptrend line this morning. As outlined in a previous post on Bearish Three-Drives (or Bullish should it maintain it's sentiment), correction could come looking for support around the .618 Fibonnaci ($115-114 range).
Bears looking to test the Bulls resolve on this uptrend. SMA 50 nearby, and should act as nice support on the 4 Hour Time Frame at $118, and SMA 100 at $113.5.
For you folks on other Exchanges, numbers are a little higher.
Three-Drives Pattern
Bears looking to test the Bulls resolve on this uptrend. SMA 50 nearby, and should act as nice support on the 4 Hour Time Frame at $118, and SMA 100 at $113.5.
For you folks on other Exchanges, numbers are a little higher.
Three-Drives Pattern
Trade active
Bears tested the strength of the minor upward trend line, and it is holding. This may signal things to come, as this third test has shown strength in dips. If dips are attractive, Bears could find themselves on the wrong side of the trade.Watch for more confirmation and a holding of the minor uptrend.
Trade active
There might be a quick scalp short for a correction a little lower, but as I view the Moving Averages, it doesn't look all too much like a convincing play to me at this point. EMA 12, 26 are moving below price action as the Daily SMA 20, 50, and 100, as well as EMA 12,26 are coming together to converge. There certainly will be some fireworks in the coming days.
Note
Oddly, the original Bearish Three-Drives completion lines up exactly at the Exponential Moving Averages. Orange should be Daily SMA 20 - I'm sloppy!
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