ETHUSD In Complex Resistance Zone Before Hard Fork
ETH has moved up and out of its consolidation under the $315 resistance zone. The impulse of this move up cleared the bear mitigation block at $320 and freed up liquidity for volume to open up - which it has. However, there is a complex resistance pattern that need to be worked through, patience is key here and wait for a nice deep pullback or breakout and close above significant levels to enter a trade.
There is currently several bullish trendlines on the 4hr chart with confluences around the $315-$324 area in the bullish mitigation block.
I closed margin longs at the bear block at $345 and am looking to renter in and around the bull mitigation block.
I will update when a trade is taken with TP's and valid/invalid levels as well as stops.
Good luck
There is currently several bullish trendlines on the 4hr chart with confluences around the $315-$324 area in the bullish mitigation block.
I closed margin longs at the bear block at $345 and am looking to renter in and around the bull mitigation block.
I will update when a trade is taken with TP's and valid/invalid levels as well as stops.
Good luck
Note
Still no active trades yet on this setup - ETH seems to be consolidating on low volume between the $335 level at the 23% fib from the mid-term low at $287, and the mid-term high at $350.Below this we have support at $326 (38% fib) and $311 (61% fib), with the previous resistance level at $315.
However, we are starting to build a daily close above the $341 long term resistance zone. If this advances and closes above $354 longs should be sought targeting the $395 region.
The 2HR MACD and RSI are moving down which is showing a near term lack of momentum with a potential for a short term pullback to lower fib levels. Will we see this before the fork?
With the upcoming fork happening in around 48hrs news on this will send ETH north or south so be careful if you have counter-move margin positions open.
Trade active
Longs open
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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.