TF: 8 Hr
Possible H and S formation on the 8 hr TF. This has formed after a strong rally, and price may due for a corrective pullback. I think a retracement to the .318 looks like it may be a good area to look for longs.
This retraement area offers a few bullish confluences:
1. Area aligns with with a former broke resistance zone;
2. The 0.382 corrective retracement area is also located here
3.Aligns with a new bullish trend line
Dollar weakness looks like it may continue for the longer-term which will drive cryptos upwards. The DXY (dollar index) looks very oversold and may need to correct a bit more up which would allow ETHUSD to retrace.
Possible H and S formation on the 8 hr TF. This has formed after a strong rally, and price may due for a corrective pullback. I think a retracement to the .318 looks like it may be a good area to look for longs.
This retraement area offers a few bullish confluences:
1. Area aligns with with a former broke resistance zone;
2. The 0.382 corrective retracement area is also located here
3.Aligns with a new bullish trend line
Dollar weakness looks like it may continue for the longer-term which will drive cryptos upwards. The DXY (dollar index) looks very oversold and may need to correct a bit more up which would allow ETHUSD to retrace.
Note
This is pulling back nicely.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.