Welcome to another update,
This will be a quick one on ETHUSD , potential 10% trade setup!
Points to consider,
- on 240 timeframe
- Price testing major resistance
- Stochs showing downwards momentum
- reaching overbought territory
- EMA’s holding price as support
- is picking up
- wicks (bulls strong in this area)
ETHUSD has had a break from support testing lower regions around the $165 area, where bulls were then able to push price back into the now .
Bulls are currently being faced with this new resistance, where if it is able to break, then we could see a potential 10% trade!
The indicators however do look quite ; the is currently in overbought regions, with the Stochs showing downwards momentum. The EMA’s however is currently holding price as support but this is not enough to justify with a high degree of probability that we have further upside momentum.
It would be healthy for the price to retrace back to the from here, to allow the and stochastics to cool down. This will allow the bulls to have greater momentum when breaking the next local resistance…
What are your thoughts? Will ETHUSD retrace before breaking resistance?
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