ETH Break Out
Eth was moving in a bullish channel. It encountered resistance at 3580.00 and later broke the upwards channel. The latest closed candle matches the 0.382 Fib level and I am expecting some consolidation.
- It can then either go back (as a retracement) and retest the channel for resistance -3409.14 level area.
- Or, what appears as a more likely scenario, it will consolidate at the 0.382 level for a bit and drop lower to another consolidation at the 0.618 level.
Either way, at the 1 Fib level.
Please let me know of any suggestions you may have.
- It can then either go back (as a retracement) and retest the channel for resistance -3409.14 level area.
- Or, what appears as a more likely scenario, it will consolidate at the 0.382 level for a bit and drop lower to another consolidation at the 0.618 level.
Either way, at the 1 Fib level.
Please let me know of any suggestions you may have.
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.
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.