ETH/USD - Downside Before The Buy Opportunity
Updated
What's up traders,
Here we are analyzing ETH/USD on the 1H chart.
Ethereum is trading at 394 right now after finding resistance on the 50 moving average and breaking the 20 moving average too. I'd like yo draw your attention to the small structure I have drawn on the chart, showing price is in a flag pattern, and appears to be showing potential for downside. There is a strong evening star signal that looks like it could provide the momentum to break the flag to the downside target of 362.
Ethereum could find support at the 200 moving average (at around 388.00), and there is also a consolidation support at around 383. These levels can be looked at for the buy opportunity when it arises.
There is a thin possibility that price could bounce off the bottom of the structure before the breakdown to lower levels occur.
I will update this analysis if it receives enough attention.
Please leave a like. Thank you in advance, traders :-)
Here we are analyzing ETH/USD on the 1H chart.
Ethereum is trading at 394 right now after finding resistance on the 50 moving average and breaking the 20 moving average too. I'd like yo draw your attention to the small structure I have drawn on the chart, showing price is in a flag pattern, and appears to be showing potential for downside. There is a strong evening star signal that looks like it could provide the momentum to break the flag to the downside target of 362.
Ethereum could find support at the 200 moving average (at around 388.00), and there is also a consolidation support at around 383. These levels can be looked at for the buy opportunity when it arises.
There is a thin possibility that price could bounce off the bottom of the structure before the breakdown to lower levels occur.
I will update this analysis if it receives enough attention.
Please leave a like. Thank you in advance, traders :-)
Note
Price had a nice bounce off the bottom of the structure as per said in my above analysis:"There is a thin possibility that price could bounce off the bottom of the structure before the breakdown to lower levels occur."
Although not the likeliest outcome, the markets can sometimes surprise us! :-)
tradingview.com/chart/QZ8tUrGE/
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