MMBTtrader

ETHUSD ready to break support and fall to 1300 ?

Short
BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
As we can see ETHUSD is getting weaker and weaker (lower highs near this support )
Red path :
and when market create lower high near one support that means that market is getting ready to break support and created lower low too.
so 1400 can easily break and we would expect 1300 for our first target of falling scenario .
Green path :
But we should consider this that if this local resistance and trendline break : price go above 1550 and retest complete then we can expect bull market and target would be 1700 at least

here is previous analysis that first target reach and still wait for second target and this analysis is update of that:


<<Traders comment below and let me know your thinking about this analysis even simple ((agree)),((not sure))>>

this time share your idea about it and lets discuss about it (my opinion is Red path (70% sure ) for now but we can expect some more bull candle before falling ,Green path as you can see )

pervious analysis linked below enjoy
Trade closed: target reached: here is update and new position

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Comments

Well done, MMB!

Its really hard to find the most probable direction at this area, especially seeing that there are fundamental factors which can come into play at anytime and catch us off guard. I think we are in no mans land, from a trading perspective.

This is what Im seeing on the 1D though. Bearish in nature, but we are above a strong support + ~23% Fib and almost piercing a BB @ 2.5 STD.

+2 Reply
MMBTtrader AmarPearson
@AmarPearson, yup totally agree and thanks for sharing
Reply
No It can't - ETH is Silver so can't retrace back to 1300/1000 its so bearish scenario and more than a normal correction =) 100% since 900/1100!
Be patience ascending accumulation 1350/1480
+2 Reply
MMBTtrader Sir-William-2021
+2 Reply
@MMBTtrader, Did you see the move in the last 2h, ascending triangle?
Reply
Nice idea. Makes a lot of sense.
ETH has been showing quite some weakness lately.
I guess we need the upgrade to be over so we can see it reaching new highs again.
It will probably not happen during the current market cycle.
+2 Reply
MMBTtrader BelowZero
@BelowZero, yup i think market need rest here and some bearish candles seen these days and were needed and are needed too

lets see what will happen

thanks
Reply
BelowZero MMBTtrader
@MMBTtrader, Absolutely. I am expecting to see it all going up quite a bit, and then crashing badly afterwards. The only question being when exactly?
Could be in the next 2 weeks or somewhere in the next 3 to 6 months... We need to monitor the market closely, at this point...
+1 Reply
MMBTtrader BelowZero
@BelowZero, yes you nailed it

when it would happen is still remain bro
Reply
Good content💪
+2 Reply
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