What's up traders, I hope you're all having a good trading week.
Let's analyze ETH/USD on the 1D chart.
When analyzing this chart, it is clear that on the 21st May, price hit a long term side-wards resistance line and broke to the downside, therefore causing a strong downside correction. Not only did price bounce off the side-wards resistance line, there was also a simultaneous resistance on the 200 major moving average. Price is dropping nicely, and I am strongly expecting price to go the lows. There is a major low which price could hit at 379, but I am not suggesting it will go this low, but it is the lowest it could go.
With this new information, we can be extremely confident that the above side-wards resistance and major moving average resistance will be hard to break, so all that is logical now, is down.
I will update this analysis when I receive above 40 likes.
Let's analyze ETH/USD on the 1D chart.
When analyzing this chart, it is clear that on the 21st May, price hit a long term side-wards resistance line and broke to the downside, therefore causing a strong downside correction. Not only did price bounce off the side-wards resistance line, there was also a simultaneous resistance on the 200 major moving average. Price is dropping nicely, and I am strongly expecting price to go the lows. There is a major low which price could hit at 379, but I am not suggesting it will go this low, but it is the lowest it could go.
With this new information, we can be extremely confident that the above side-wards resistance and major moving average resistance will be hard to break, so all that is logical now, is down.
I will update this analysis when I receive above 40 likes.
Be careful not to jump in too fast, and be logical about the position.