ETHUSD breaks out of descending trend line since retracement from 8/14 highs
the lowest point of 6/19 (880) and the high point of 8/14 (2031) as Fibo reference point
There is a support line at Fibo 50 (1457)
Moving Average Convergence Divergence (MACD) line crosses from below to above, and about to reach the zero line.
The K charts've appeared bullish engulfing since the previous low,
which makes me bullish biased in short term.
The green block (1355-1457) is viewed as a support zone
8/25 high (1721) which is coincidently close to Fibo 73 (1730),
Consider as the 1st resistance zone
If the breakthrough also reverses the downtrend structure
2nd resistance zone - 8/19 high (1880)
All are personal opinion, isn't investment advice.
Any suggestion and feedback are welcome.
the lowest point of 6/19 (880) and the high point of 8/14 (2031) as Fibo reference point
There is a support line at Fibo 50 (1457)
Moving Average Convergence Divergence (MACD) line crosses from below to above, and about to reach the zero line.
The K charts've appeared bullish engulfing since the previous low,
which makes me bullish biased in short term.
The green block (1355-1457) is viewed as a support zone
8/25 high (1721) which is coincidently close to Fibo 73 (1730),
Consider as the 1st resistance zone
If the breakthrough also reverses the downtrend structure
2nd resistance zone - 8/19 high (1880)
All are personal opinion, isn't investment advice.
Any suggestion and feedback are welcome.
Note
Triangle pattern, neutral bias
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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.