ETHUSD 1Hr Chart Ascending Parallel Channel

We are currently on an ascending parallel channel. We should keep the bullish momentum as long as we stay above the 50% fib retracement level at about 241+. There may be another ascending parallel channel formed if price breaks the bottom of this ascending parallel channel but manages to stay above the 50% fib retracement price of 241+.

Beware of the bearish CME gap that may appear for BTCUSD over the weekend that may affect ETHUSD price too. So you may look out for an entry on a pullback on ETHUSD from Monday onward instead of taking a greater risk on a weekend. However, there is also a possibility that ETHUSD price may breakaway and get bullish on ETHBTC too.

By the way bullish ethusd and ethbtc would also usually mean alts show a healthy uptrend, some more than others.

Just an observation. Trade only what you can afford to lose. Nothing is 100% in life, ever. Good luck.

評論:

241 support has been lost. The positive thing about this is that if it stays like this the BTCUSD CME gap from Monday might actually be bullish with a gap on higher price range that needs to be filled. I believe this is a long liquidations event before the price moves to a higher price range. Just an observation.

評論:

If we continue to recover comfortably from here, here is the additional 'mini' ascending parallel channel. The resistance of around 241+ needs to be broken again which is the 50% fib retracement level.

評論:

Looks like we are back testing the 233+ level again as support (previous resistance from the 200MA). Will probably have to wait till Monday-Wednesday for a continued uptrend. The long liquidation and stop loss hunt is still ongoing it would seem.

評論:

評論:

Hidden Bullish Divergence forming on the 4hrly chart.