Someone asked me to look at ETH.
We're currently sitting on what looks like a fairly important S/R level. You can see we've touched this point 8 times over the last year. Certainly within recent months this has held support very well. You can see the S/R levels on either side of our current position 68 or 76.
So the question is, up or down?
I'm inclined to say UP simply because this support has proven to be fairly resilient. We've wicked down to that level twice in recent history and bounced up strongly each time. This time however we have sort of trickled down, and we know the more times you touch support, the weaker it generally becomes, so that's inconclusive.
So in conclusion I'm more inclined to say long here. However I would wait for some confirmation. This is a fairly critical zone.
I would rather say something like:
Long from 68 or Short from 76, assuming the greater market and BTC continue to range.
We're currently sitting on what looks like a fairly important S/R level. You can see we've touched this point 8 times over the last year. Certainly within recent months this has held support very well. You can see the S/R levels on either side of our current position 68 or 76.
So the question is, up or down?
I'm inclined to say UP simply because this support has proven to be fairly resilient. We've wicked down to that level twice in recent history and bounced up strongly each time. This time however we have sort of trickled down, and we know the more times you touch support, the weaker it generally becomes, so that's inconclusive.
So in conclusion I'm more inclined to say long here. However I would wait for some confirmation. This is a fairly critical zone.
I would rather say something like:
Long from 68 or Short from 76, assuming the greater market and BTC continue to range.
Comment:
Ignore the BTC longs/shorts lmao