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jwlondon98
Apr 1, 2017 6:45 AM

ETHUSD (Bitfinex) 

Ethereum / DollarBitfinex

Description

Disclaimer: I am relatively new to daytrading, so I will advise any followers to not make any trades simply based off my ideas. Feel free to take my chart into account when doing you own analysis though.

Comment

I really can't see ETHUSD breaking up past resistance at 53. It's a strong resistance level so I'm going to look for a short entry around there. The ETH vs BTC inverse correlation makes it difficult to tell for sure. I think if BTC does a nose dive in the next 6 hours (not likely IMO), then we could possibly see ETH breaking up past 53 and on to test around 57. BTC could potentially form a HS.. will watch.

Comment

ETH should be making a mid-to-longterm trend decision soon. Haven't looked closely. Can go either way at this point.
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