ETH/USD SHOULDER HEAD SHOULDER SET UP
buying pressure emerged today right around the 156.54 level, representing the 38.2% retracement of the appreciation from 123.72 to 176.82. If the pair is able to resume its upward trajectory above current price activity, additional upside price objectives include the 186.60 and 198.05 areas. Below current price activity, downside price objectives include the 154.57, 150.27, 149.31, and 144.00 levels. Chartists are observing that the 50-bar MA (4-hourly) bullishly remains above the 200-bar MA (4-hourly), and that the 50-bar MA (hourly) is bearishly converging with the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 155.65 and the 100-bar MA (Hourly) at 167.94.
Technical Support is expected around 156.77/ 153.22/ 149.31 with Stops expected below.
Technical Resistance is expected around 177.39/ 196.54/ 206.29 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
Price activity is nearest the 50-bar MA (4-hourly) at 155.65 and the 100-bar MA (Hourly) at 167.94.
Technical Support is expected around 156.77/ 153.22/ 149.31 with Stops expected below.
Technical Resistance is expected around 177.39/ 196.54/ 206.29 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
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