It could based on a measured move from a month long right angled broadening pattern but...
It's been stalled in this range 1630-1815. In a different market this would have probably moved up on a big impulse move but that's not the case.
Mostly ranging sideways here, currently I think it's pulled back on a bearish harmonic, with the measured target lower than here 1580/1560 and finally 1410.
There's a supply now turned demand zone that's holding up this higher low at 1678 and 1684 acting as a pivot to the upside and downside. Near term it needs to hold this higher low, retest supply 1786, break through and base in order to even potentially see that 2000 level.
A bit to work through otherwise we should be seeing lower highs and lower lows into testing support below. We won't know what happens at those areas until we see it.
It's been stalled in this range 1630-1815. In a different market this would have probably moved up on a big impulse move but that's not the case.
Mostly ranging sideways here, currently I think it's pulled back on a bearish harmonic, with the measured target lower than here 1580/1560 and finally 1410.
There's a supply now turned demand zone that's holding up this higher low at 1678 and 1684 acting as a pivot to the upside and downside. Near term it needs to hold this higher low, retest supply 1786, break through and base in order to even potentially see that 2000 level.
A bit to work through otherwise we should be seeing lower highs and lower lows into testing support below. We won't know what happens at those areas until we see it.
Comment:
1684 is actually the 0.5 retracement of that large red bearish butterfly. Could assume if .5 breaks it leans bearish that it would try to complete the pattern to 100% and then 1.618. But there was a demand right under and we can see a big wick tapping the lower limit at 1658 last night. It held and bounced together on that broadening breakout. Now a new swing high and top of supply. A hold and a base could get interesting, keep watching.
Comment:
ETH - Big move out of yellow zone. 1941 new high. 1800 -1830 areas of interest to watch if this comes down with a wedge or channel of some sort. Otherwise, nice break out zone.
