Let's analyze ETH/USD and use simple facts to make this analysis. Ethereum is moving perfectly in accordance to our previous analysis. We are nearing a buy opportunity now, as we approach key technical levels!
Price will break down in one of two ways, they are:
- Price hits horizontal support at between 498 and 468 before bouncing upwards to the upside target at 678. Bare in mind however that price could hit the side-wards resistance line and stall at 556 (Approximately) and fall back into structure.
- Price breaks the horizontal between 498 and 468 and goes lower to next horizontal at 370.
Bare in mind if price hits the lower , it's more likely price will only make it to the side-wards resistance structure line which coincides with the first horizontal turned resistance at 470 before breaking down further.
Also bare in mind also if it bounces at the first at 498, it could still hit the side-wards at a higher level at 541.
I will continue to update this analysis if enough people request it.
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When you are a total newbie as I am, you tend to seek for "white or black" tips and eventually you can have enough luck to gain some money. Till a cruel twist of fate make you lose all your gains. Then you find analysis like this and you begin to focus on the right perspective and to enjoy the chance of understand what you see and why it happens.