ETH Retest of Resistance
Updated
The last month ETH and other alt coins have been lacking BTC, It seems that ETH is now trying to catch up.
On November 6th ETH broke through the trend line that has acted as both support and resistance since the beginning of August (white 1.0 line in the fib. channel). There has been some accumulation above the trend line for the last 10 days which shows strength of the breakout. Yesterday ETH has retested the trend line and has since shown a decent bounce. If ETH find support here, it could continue to the upside, possible taking out the local highs.
Profit Taking Levels:
488,95 -> Local Highs (Sep 1)
Around 585 -> Fib 2.618
Stoploss:
425 -> Break of Trend Line
On November 6th ETH broke through the trend line that has acted as both support and resistance since the beginning of August (white 1.0 line in the fib. channel). There has been some accumulation above the trend line for the last 10 days which shows strength of the breakout. Yesterday ETH has retested the trend line and has since shown a decent bounce. If ETH find support here, it could continue to the upside, possible taking out the local highs.
Profit Taking Levels:
488,95 -> Local Highs (Sep 1)
Around 585 -> Fib 2.618
Stoploss:
425 -> Break of Trend Line
Trade closed: target reached
Cheers :)
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