ETHUSD is following BTC's lead and after it broke its monthly downtrend and 159.00 Resistance, is now consolidating.
Levels to watch:
- The former Resistance is now the Support (156.50) and is a symmetrical one, all the way back to April.
- Similarly 188.85 is the symmetrical Resistance level. Those two create a high volatility zone.
- The hard technical Resistance is 198.50.
- The RSI is also on a symmetrical Resistance level.
- The MA200 has already started to act as a Resistance (potential profit taking level).
- The MA50 may come from below to support.
How to trade:
- Wait for either a solid 1D candle rebound on the Support or rejection on the Resistance. Trading the range is the best option until a new clear short term pattern emerges.
Share your thoughts on this trade idea in the comments section below, and remember to stay tuned for future technical analysis, news, updates, and more from PrimeXBT.
Levels to watch:
- The former Resistance is now the Support (156.50) and is a symmetrical one, all the way back to April.
- Similarly 188.85 is the symmetrical Resistance level. Those two create a high volatility zone.
- The hard technical Resistance is 198.50.
- The RSI is also on a symmetrical Resistance level.
- The MA200 has already started to act as a Resistance (potential profit taking level).
- The MA50 may come from below to support.
How to trade:
- Wait for either a solid 1D candle rebound on the Support or rejection on the Resistance. Trading the range is the best option until a new clear short term pattern emerges.
Share your thoughts on this trade idea in the comments section below, and remember to stay tuned for future technical analysis, news, updates, and more from PrimeXBT.