ETH - Important Support Level To Hold
Hello everyone, rouzwelt here
Well it should be clear enough for everyone seeing the chart that ETH is now sitting at the critical support level, that's an important level for ETH to hold. after the double top that we saw few days ago in the chart which ETH has been rejected from and fallen to its critical support level.
If somehow ETH manages to hold on to this level we can expect some uprise at least locally for some days. but we should be aware of BTC price action at this point cause that's the leading indicator for most of altcoins at this stage and if BTC falls then the whole market will follow.
I'd like to point some good sign here and that is ETH at least is sitting above its local down trend line (yellow line), it had a fake out but right now is above it.
Let's see what ETH does with its support level and position accordingly. You always wait for confirmation before opening a position, that's the key. As long as ETH is below its double top level, I wont open long positions, once we have clear sign of breaking above it with volume coming in simultaneously I'd be more than happy to go long.
Have fun and trade safe.
Well it should be clear enough for everyone seeing the chart that ETH is now sitting at the critical support level, that's an important level for ETH to hold. after the double top that we saw few days ago in the chart which ETH has been rejected from and fallen to its critical support level.
If somehow ETH manages to hold on to this level we can expect some uprise at least locally for some days. but we should be aware of BTC price action at this point cause that's the leading indicator for most of altcoins at this stage and if BTC falls then the whole market will follow.
I'd like to point some good sign here and that is ETH at least is sitting above its local down trend line (yellow line), it had a fake out but right now is above it.
Let's see what ETH does with its support level and position accordingly. You always wait for confirmation before opening a position, that's the key. As long as ETH is below its double top level, I wont open long positions, once we have clear sign of breaking above it with volume coming in simultaneously I'd be more than happy to go long.
Have fun and trade safe.
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