Narrow Range Trading. While the other major Alt-Crypto Currencies breakup their resistance, the Gentleman Ethereum VS USD pair is still narrow range trading between 265 to 276 range. If we look at bigger daily chart: It looks like want to test last Aug to Sep's High Said: maybe around USD305.
Possible development Scenario: Blue Line Scenario: --a back test of the recent breakup resistance level at support 1, to support 2. (265 to 245) --If it get support, maybe will try to breakup the key resistance (400 days SMA at 274). -----If it breakup 400 days SMA resistance, maybe next target level is around 292. --------If 292 breakup, then 305 might be reached.
Red Line Scenario: --A back test of the recent breakup resistance level at support 1, to support 2. (264 to 245) -----If it get support, maybe will try to challenge the 400 SMA at 274. --------If fail to challenge the 400 SMA at 274, it maybe will fall down to 220 or even lower to 200.
We wish it could be falling down to 200. But it is a wish, only. Our bias is still bullish, the possibility of Blue line scenario development is higher than the possibility of Red line scenario development.
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Cross Trading between Ethereum and Bitcoin build a well organized Rev-Head & Shoulder pattern.
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First Target Reached.
Let's see what's next....
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Trading volume small after breakup 400 days SMA(273) and reached the target zone, it goes the Red Scenario.