Hi Traders,
ETH/USD Is showing pretty simple price action today, Yesterday price has tanked and broke out of support with very strong momentum.
I love that the resistance has not been retested as yet which will give me a chance to participate in this move if price pulls back.
Looking at how price has moved before the breakout, we can see that the support of 1735 Has been respected multiple times before it actually broke out. it also created lower highs each time which essentially created a triangle. Now that price broke out of it we can expect a retest and continuation to the downside.
Apart from the technicals, the current state of the global economy has brought lots of uncertainty and many investors are selling out of fear. This could fuel price to tank way more than my current target.
I will go into more depth about the global economy and how we can capitalize on the fear of others in the next few months. For now, let us enjoy the fact that we can make money in good and bad times.
Have a great weekend and keep pushing to get better.
Renaldo Philander
ETH/USD Is showing pretty simple price action today, Yesterday price has tanked and broke out of support with very strong momentum.
I love that the resistance has not been retested as yet which will give me a chance to participate in this move if price pulls back.
Looking at how price has moved before the breakout, we can see that the support of 1735 Has been respected multiple times before it actually broke out. it also created lower highs each time which essentially created a triangle. Now that price broke out of it we can expect a retest and continuation to the downside.
Apart from the technicals, the current state of the global economy has brought lots of uncertainty and many investors are selling out of fear. This could fuel price to tank way more than my current target.
I will go into more depth about the global economy and how we can capitalize on the fear of others in the next few months. For now, let us enjoy the fact that we can make money in good and bad times.
Have a great weekend and keep pushing to get better.
Renaldo Philander