ETH/USD - Technicals Suggest Down Move
Updated
Price appears to be rolling over but we are still edging towards the cliff-edge since it is so close to confirming but isn't there just yet. If I had to choose a side however, I'd say downside now. When analysing again, I discovered a new side-wards resistance which supports the downside. As well as the side-wards resistance, there is a 50 moving average resistance in play and still the big wick candle that hit the side-wards resistance (On two different technical levels). All of this nicely supports a down move and had price start to roll below 200's then that could be a short.
Bear in mind there is some below support between 190-180 which could prove an obstacle for the downside. However, if price breaks this level then a nice downside sweep is expected.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-)
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
Bear in mind there is some below support between 190-180 which could prove an obstacle for the downside. However, if price breaks this level then a nice downside sweep is expected.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-)
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
Note
Price is nicely tucked in under the side-wards resistance line, and I hope it does stay there because it would create a really nice rollover to the downside if so.Price has a nice possibility of testing support at 191/182 too, so this level could be a nice take profit level on a quick scalp if we did take the downside with little risk of bouncing quickly and stopping us out in any sort of loss.
Please leave a LIKE. I'd really appreciate it.
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.