ETHUSD
Very nice daily closing above daily 20MA.
Rejected by 0.618 USD 1754 area. Expecting retest of 0.5 fib USD 1670 area.
Still trapping inside the ascending channel, price have to close above USD 1755. Next target will be around USD 1880 area.
If price rejection happens today, the next level of support is around USD 1630-USD 1670 area, if this area is rejected then we will be heading back to the lower limit of ascending channel which is around USD 1550 area.
Overall the weekly close and daily close is showing a very positive sign that the upward movement is more likely to happen.
Bullish Indicators reference:
1) Price broken previous resistance at USD 1650 and acting as support (0.5fib)
2) Macd flipped green on daily
3) Daily RSI remain above 55
4) Broken and close above daily 20MA
5) Close above the ascending triangle resistance
Price should come and test USD 1650-1670 area (previous ascending triangle resistance) and bounce from this level before going to USD 1880 next resistance level.
Very nice daily closing above daily 20MA.
Rejected by 0.618 USD 1754 area. Expecting retest of 0.5 fib USD 1670 area.
Still trapping inside the ascending channel, price have to close above USD 1755. Next target will be around USD 1880 area.
If price rejection happens today, the next level of support is around USD 1630-USD 1670 area, if this area is rejected then we will be heading back to the lower limit of ascending channel which is around USD 1550 area.
Overall the weekly close and daily close is showing a very positive sign that the upward movement is more likely to happen.
Bullish Indicators reference:
1) Price broken previous resistance at USD 1650 and acting as support (0.5fib)
2) Macd flipped green on daily
3) Daily RSI remain above 55
4) Broken and close above daily 20MA
5) Close above the ascending triangle resistance
Price should come and test USD 1650-1670 area (previous ascending triangle resistance) and bounce from this level before going to USD 1880 next resistance level.
Comment:
Price exactly bounce from USD 1670 and heading toward USD 1880, current price USD 1820
Comment:
Price reach target resistance of USD 1880, as expected it was rejected