What's up traders, I hope you're all having a good trading week.
Let's analyze ETH/USD on the 1D chart.
When analyzing this chart, it is clear that on the 21st May, price hit a long term side-wards resistance line and broke to the downside, therefore causing a strong downside correction. Not only did price bounce off the side-wards resistance line, there was also a simultaneous resistance on the 200 major moving average. Price is dropping nicely, and I am strongly expecting price to go the lows. There is a major low which price could hit at 379, but I am not suggesting it will go this low, but it is the lowest it could go.
With this new information, we can be extremely confident that the above side-wards resistance and major moving average resistance will be hard to break, so all that is logical now, is down.
I will update this analysis when I receive above 40 likes.
Let's analyze ETH/USD on the 1D chart.
When analyzing this chart, it is clear that on the 21st May, price hit a long term side-wards resistance line and broke to the downside, therefore causing a strong downside correction. Not only did price bounce off the side-wards resistance line, there was also a simultaneous resistance on the 200 major moving average. Price is dropping nicely, and I am strongly expecting price to go the lows. There is a major low which price could hit at 379, but I am not suggesting it will go this low, but it is the lowest it could go.
With this new information, we can be extremely confident that the above side-wards resistance and major moving average resistance will be hard to break, so all that is logical now, is down.
I will update this analysis when I receive above 40 likes.
Note
Ethereum had a nice spike in price, right at the 50 moving average on the daily chart. This looks good for some upside, however I believe this is just going to be an up move in a down trend. Be careful not to jump in too fast, and be logical about the position.
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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.
Related publications
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.