ETHEREUM

By vivelavie101

Updated

ETH is now facing a small resistance, we will probably see a small drawback before it reaches 195$ target

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The down movement wasn't quite what I expected. A candle closed under the support zone but ETH manage to close the following candle above the support zone and stay there. Normally when a candle close's under support it invalidates it. But in this scenario since the following candle closed above the zone and the zone shown support for the two following candles it is still valid.

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If the support zone holds we will see a second atempt to break the resistance zone and most likely to reach the 194$ target.

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If it doesn't i'll be buying the support shown with the greenbox on the chart below

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The support held well we will see a second attempt to 185

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Heavy reaction by the bears, even though the resistance zone is still holding, it will most likely capitulate, we will then follow the bearish scenario.

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My buy order got activated but my chart was compromise, I didn't thought bears would break the zone and they did pretty easily. I'm not leveraging only filling bags so I won't be selling.

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The yellow key line we now need to watch. It's the upper trend line of an ascending triangle pattern.

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It's important ETH stay's above this line bouncing from it would be very bullish. Breaking this line would probably mean a restest of the bottom white line of the triangle. We need to wait for a considerable test of the line though.

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ETH is still holding and price action is now trying to pierce trough our buy zone. If this zone shows support or consolidation, Eth would most likely retest resistance

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ETH is on his way to test the 185 resistance and most most likely reach the psychological resistance of 200$

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Target Reached. ETH should now start a downtrend

vivelavie101

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