Sorry for the late post guys. Here's another look at H1 and where we may be heading.
Based on yesterday's price action,
ETH dropped to ~2300 to solidify the lower triangular pattern support (dotted red). Further holds were established at both bottom-support (~2375) and average triangular support (dotted black).
Continued consolidation above long-term trendline (purple) is a positive sign, however highs remained below first triangular resistance indicating a failed attempt at reaching 2500. A bullish breakout could fill the gap between these two zones and send us back to 2600 or H1 200EMA (observed on current candle).
Rejection would likely send us back below average triangular support/long-term trendline (intersection) with support at lower trendline/bottom-support (intersection). This would ultimately result in a second dip with hopes of another bottom.
Based on yesterday's price action,
ETH dropped to ~2300 to solidify the lower triangular pattern support (dotted red). Further holds were established at both bottom-support (~2375) and average triangular support (dotted black). Continued consolidation above long-term trendline (purple) is a positive sign, however highs remained below first triangular resistance indicating a failed attempt at reaching 2500. A bullish breakout could fill the gap between these two zones and send us back to 2600 or H1 200EMA (observed on current candle).
Rejection would likely send us back below average triangular support/long-term trendline (intersection) with support at lower trendline/bottom-support (intersection). This would ultimately result in a second dip with hopes of another bottom.
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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.