Price is nicely at the horizontal resistance right now. When price hit this level, there was a strong signal indicating there will a correction to the downside before further up move. I see this as a very good thing because anything that moves up too fast always blows up out of proportion and corrects too steeply. A nice sustainable marketplace is a much better trading environment, and safer for traders as a whole who won't be randomly blindsided by which will destroy noob traders in 1.73757336 seconds.
Ethereum will not likely continue the correction started by the signal down to the side-wards support line of higher lows, which coincides with side-wards resistance turned new support at 440. When it hits here, I highly expect price to bounce upwards again, and attempt to break the horizontal turned resistance once again. If price breaks below 440, this could be part of a longer downtrend as not being above the zone price just tested is not good territory for Ethereum at all.
Where do YOU think price is going? Leave a Chart and Comment below and let us all know your thoughts!
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Price has acted very well on the higher lows, and for this reason I am confident a breakout about the resistance zone is highly possible from here.
Our breakout scenario is in play!
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At current levels I don't recommend buying to the upside, you must wait for a safe opportunity to enter the market. If you're unsure, don't trade, simple.
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Let's watch this one further. There will soon be a long opportunity for us to take advantage of.
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The price got rejected twice now at the 478 support line on the 4h chart and the 15m chart is showing HH and HL. What are the scenarios you see here?
Talking about scenarios: I really liked the way you outlined the possible scenarios in your BTC/USD post. Maybe you can adapt this for every idea you post here? It's easy to understand and sums up your predictions really well.
I do have a quick question though: in your latest update from 5 hours ago you said there was a slight correction going on now, as it should be. However, I can't quite figure out from your chart where you expect the support to be. Is it at 478 (bottom line of the support/resistance zone) or at around 440, where the two trend lines intersect? Just curious where you think the correction will be headed.
Question: As you mentioned that it has to retest the support level before moving up; is this support level located at 440 or 490?. If it is 440, then BTC could be also expected to dip to 6.7k at least na as ETH follows BTC. (My thinking is, ETH can test 440 only when BTC test 6.7k). What do you say?.