ETH/USD: Breakout!?
Quick TA on ETH/USD
Backtracking a little bit, ETH has created for itself some stable price floor, double bottoming at $83, followed by break out past its previous overhead resistance at $100.
Impending Golden Cross pattern forming.
We see clear price action within an upward channel, breaking its 200MA (in red) and key overhead resistance at $125. Note RSI oversold (but only on this short term time scale, so we should expect some retracement back to the $125 level before retesting $135.
The bullish scenario would be for this retracement to complete itself, retest the $135 level, break past the neckline to achieve an inverse H&S.
Backtracking a little bit, ETH has created for itself some stable price floor, double bottoming at $83, followed by break out past its previous overhead resistance at $100.
Impending Golden Cross pattern forming.
We see clear price action within an upward channel, breaking its 200MA (in red) and key overhead resistance at $125. Note RSI oversold (but only on this short term time scale, so we should expect some retracement back to the $125 level before retesting $135.
The bullish scenario would be for this retracement to complete itself, retest the $135 level, break past the neckline to achieve an inverse H&S.
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