We also have a rather obvious symmetric triangle next close its apex, which may encompass an actually - not 100% sure.
Those MAs under price should provide some degree of suppport, so i have to assume a slight bias here.
I wouldn't rely on bias alone though, in term of risk management i consider better waiting and watching breakout, then acting accordingly.
DYOR, take care.
Key support at 188-190$.
First resistance 214-215$.
I see a sligh bullish bias, but alot depends on what Bitcoin is going to do.
Play safe,watch the breakout.
What still bugs me is volume, unless it picks up any soon i should assume a fragile situation. Let it, go, but have a take profit. Maybe in trailing.
I hate diamonds, they're almost unpredictable and usually exhibit cumbersome breakouts.
It can be a diamond top or a half staff.
We'll have to wait and look for some bias.
If you're still in be sure to place a take profit as a warranty.
But this is Ether and we'll have to see.
Bulls managed to recover the former channel and are currently challenging the 250$ resistance area. I mentioned a diamond formation here, a pretty unpredictable pattern.
I see a slight bullish bias here ( hence i stay Long and have a TP as a waranty ), yet safest option is awaiting breakout, and more important, volume.
*IF* bulls can overcome 250$ area on volume, then i'd suppose a MMU ( see ABC o chart ) would be feasible. If they fail well reconsider after test of support ( roughly 220$ ).
If bulls manage to take the yellow route they may try achieve a breakout, hence possibly a MMU.
Point is we have a diamond and a TD count=9 already on daily, hence there's a very tight *window of opportunity* for them in terms of time.
If price will keep moving sideways i think a a pullback will get increasingly likely.
So watch WE.
Otherwise pullback likely.
It only happened one time within the last 5 years.
It was back in december 2015, before the bull run.
Have a stop.