Hello Crypto Friends! We saw ETH take a dump earlier this week over FUD about an SEC meeting that was going to determine if ETH was finally going to be classified as a security or not. Apparently this meeting was #FakeNews and bogus. The SEC never had a meeting planned for this and not exactly sure where these rumors came from. Just another example to remind us why you always have to DYOR (do your own research) and don't believe everything you hear. Let's take a look and see how ETHUSD has reacted on our 4 hour charts.
What's Happening:
As you can see on our charts, ETH broke down through the 50SMA line in blue and retested our purple support trendline which held throughout the SEC FUD rumor. ETH landed exactly on our Fib retracement line around the price levels of $716 which if you looked at our last analysis was our #1 support stop for a bearish breather. Price levels have now jumped back up and it's currently back on riding the 50SMA above our purple trendline.
What To Expect:
We expect ETHUSD to continue it's upward bullish movement along our purple trendline into the $900's levels.
If ETH were to take a bearish breather we'll still be looking at the following 3 levels for support:
1. Our purple trendline
2. $716 Fib retracement price level.
3. The 1200 moving average (the green moving average on our chart)
Keeping a close watch on:
1. The New York Consensus meetups and conferences
2. Ethereum's Casper: www.coindesk.com/fir...r-upgrade-published/
We are currently long on ETHUSD.
Please hit the Like Button and give us a follow for more updates and TA!!
Cheers!
Disclaimer: Our content is intended to be used and must be used for informational purposes only. We are not professionals. It is very important to do your own analysis before making any investment based on your own personal circumstances
What's Happening:
As you can see on our charts, ETH broke down through the 50SMA line in blue and retested our purple support trendline which held throughout the SEC FUD rumor. ETH landed exactly on our Fib retracement line around the price levels of $716 which if you looked at our last analysis was our #1 support stop for a bearish breather. Price levels have now jumped back up and it's currently back on riding the 50SMA above our purple trendline.
What To Expect:
We expect ETHUSD to continue it's upward bullish movement along our purple trendline into the $900's levels.
If ETH were to take a bearish breather we'll still be looking at the following 3 levels for support:
1. Our purple trendline
2. $716 Fib retracement price level.
3. The 1200 moving average (the green moving average on our chart)
Keeping a close watch on:
1. The New York Consensus meetups and conferences
2. Ethereum's Casper: www.coindesk.com/fir...r-upgrade-published/
We are currently long on ETHUSD.
Please hit the Like Button and give us a follow for more updates and TA!!
Cheers!
Disclaimer: Our content is intended to be used and must be used for informational purposes only. We are not professionals. It is very important to do your own analysis before making any investment based on your own personal circumstances