What's up traders,
Here we are analyzing ETH/USD on the 1H chart.
Ethereum looks like a buy opportunity. It is currently trading at 522 after having a corrective move off the side-wards support peak at 538. Price has completed the down swing into horizontal support at 514 and has since bounced to the upside. For the buy to confirm we need to see a breakout of the side-wards resistance structure at 531, see a retest of resistance turned new support, then a confirming up move.
It is equally likely that if price breaks below the horizontal support level, that the down move will continue. I have however not outlined this on my chart to keep it clear, but definitely bare this in mind.
Bare in mind, that the longevity of the upside move depends if price retests on side-wards resistance turned support first. If it does not, price might be weaker in the short term.
I will update this analysis when I receive above 40 likes.
Here we are analyzing ETH/USD on the 1H chart.
Ethereum looks like a buy opportunity. It is currently trading at 522 after having a corrective move off the side-wards support peak at 538. Price has completed the down swing into horizontal support at 514 and has since bounced to the upside. For the buy to confirm we need to see a breakout of the side-wards resistance structure at 531, see a retest of resistance turned new support, then a confirming up move.
It is equally likely that if price breaks below the horizontal support level, that the down move will continue. I have however not outlined this on my chart to keep it clear, but definitely bare this in mind.
Bare in mind, that the longevity of the upside move depends if price retests on side-wards resistance turned support first. If it does not, price might be weaker in the short term.
I will update this analysis when I receive above 40 likes.
