ETH has broken out of its previous horizontal channel breaking the 2200 - 2000 support zone and driving price as low as 1700.
However, the bears have broken and support was found at 1700 allowing a minor reversal to test the now 2000-2200 resistance level.
What do I see? well in a micro perspective we can see that there was both a reversal at the 1700 and a rejection at the 2000 as such we can see a slight horizontal channel forming in the range of 1700-2000 as price was not able to break above or below these numbers when tested.
I will look for buy setups on 2 conditions. A. price to break with a full daily candle over the 2000 indicating a possible bull trend reversal. B. when price tests the support range of 1700-1500 likely with other confirming factors such as low RSI, MACD, etc. in this position I would likely look for a short-term buy as price gathers support for a potential retest.
Best of luck, follow for more.
However, the bears have broken and support was found at 1700 allowing a minor reversal to test the now 2000-2200 resistance level.
What do I see? well in a micro perspective we can see that there was both a reversal at the 1700 and a rejection at the 2000 as such we can see a slight horizontal channel forming in the range of 1700-2000 as price was not able to break above or below these numbers when tested.
I will look for buy setups on 2 conditions. A. price to break with a full daily candle over the 2000 indicating a possible bull trend reversal. B. when price tests the support range of 1700-1500 likely with other confirming factors such as low RSI, MACD, etc. in this position I would likely look for a short-term buy as price gathers support for a potential retest.
Best of luck, follow for more.
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Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.