RaymondNetworks

ETHUSD APPROACHING A KEY SUPPORT LEVEL

BYBIT:ETHUSD   None
ETHUSD approaching the support at 154. Let's keep watching this level between 150 - 160 if Eth can hold this level I'll long Ethusd but if it breaks down the horizontal support, which is more likely to happen because Eth has touched and bounce back from this level in more than 3 times. It's well known that if a price keeps bounce back from an horizontal support it's more likely to break it(the support will fail the fourth time). The probability of breaking down increases. The horizontal lines on my chart are the main key support and resistance levels to keep an eye on. I'll wait for today's candlestick to close and update this analysis tomorrow
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.