Low Volume + Weak Price movement = ROCKET!
ETH is preparing for the move! At the current state of the asset, the price does not show any strength or weaknesses of either Bulls or Bears. The decreasing volume is suggesting that the asset is going through the accumulation phase. At the same time, the price is bouncing around the POC of the current month.
Trading Plan
ETHUSD:
There are two potential scenarios that we would monitor.
First of all, in the short run, the price should reach the bottom of the trading channel at around $356. This will act as a line of support, however, it is possible that we may experience the strength of the bears and If the price would manage to break below that level with good volume, then the upward move scenario is cancelled and the price will start to decrease in the attempt to form the double bottom, around the Macro Upward Trend line.
If, however, the price will be able to hold the level of $356, then there is a good chance for the asset to gain in value and aim towards the level of 400$. Along with the upward movement, we should experience the first resistance level at around $366. If the price will go beyond the 400$ (with good volume), then it would aim for the golden pocket between $420-$426.
Trading Plan
ETHUSD: There are two potential scenarios that we would monitor.
First of all, in the short run, the price should reach the bottom of the trading channel at around $356. This will act as a line of support, however, it is possible that we may experience the strength of the bears and If the price would manage to break below that level with good volume, then the upward move scenario is cancelled and the price will start to decrease in the attempt to form the double bottom, around the Macro Upward Trend line.
If, however, the price will be able to hold the level of $356, then there is a good chance for the asset to gain in value and aim towards the level of 400$. Along with the upward movement, we should experience the first resistance level at around $366. If the price will go beyond the 400$ (with good volume), then it would aim for the golden pocket between $420-$426.
MAKE YOUR CRYPTO WORK
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.