ETHUSD breaks out of descending trend line since retracement from 8/14 highs
the lowest point of 6/19 (880) and the high point of 8/14 (2031) as Fibo reference point
There is a support line at Fibo 50 (1457)
Moving Average Convergence Divergence (MACD) line crosses from below to above, and about to reach the zero line.
The K charts've appeared bullish engulfing since the previous low,
which makes me bullish biased in short term.
The green block (1355-1457) is viewed as a support zone
8/25 high (1721) which is coincidently close to Fibo 73 (1730),
Consider as the 1st resistance zone
If the breakthrough also reverses the downtrend structure
2nd resistance zone - 8/19 high (1880)
All are personal opinion, isn't investment advice.
Any suggestion and feedback are welcome.
the lowest point of 6/19 (880) and the high point of 8/14 (2031) as Fibo reference point
There is a support line at Fibo 50 (1457)
Moving Average Convergence Divergence (MACD) line crosses from below to above, and about to reach the zero line.
The K charts've appeared bullish engulfing since the previous low,
which makes me bullish biased in short term.
The green block (1355-1457) is viewed as a support zone
8/25 high (1721) which is coincidently close to Fibo 73 (1730),
Consider as the 1st resistance zone
If the breakthrough also reverses the downtrend structure
2nd resistance zone - 8/19 high (1880)
All are personal opinion, isn't investment advice.
Any suggestion and feedback are welcome.
Comment:
Triangle pattern, neutral bias