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.
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