Ethereum / BitcoinUpdated ETH - Expecting test of Resitance
Thoughts
- Fib shown is overall daily Fib (includes ATH in 2017)
- Bounce off the 0.5 Fib and broken the 1HR downward trend line
- This 0.5 fib shows heavily supported zone
- Expecting a test of the 0.618 Fib where there is quite some resistance
- First, a confirmation of the break out of the DAILY trend line needs to occur
- Waiting for confirmation for a long position
- If confirmed trade will be entered on first pullback after breakout
- Will update
- Fib shown is overall daily Fib (includes ATH in 2017)
- Bounce off the 0.5 Fib and broken the 1HR downward trend line
- This 0.5 fib shows heavily supported zone
- Expecting a test of the 0.618 Fib where there is quite some resistance
- First, a confirmation of the break out of the DAILY trend line needs to occur
- Waiting for confirmation for a long position
- If confirmed trade will be entered on first pullback after breakout
- Will update
Note
Update- Resistance was tested but it was disappointing
- It seems the daily trend line was broken (Fake breakout) and returned to below the trend line
- Broken below the 0.5 Fib and new mid term low
- ETH at 0.00754 is within a strong support zone but if we break below 0.0072 then a test of the 0.382 Fib is expected
- Bearish at the moment
- Looking to set buys at 0.006 but will re-evaluate in a week
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