TL;DR; Looking for buying opportunities around either 2500 or 2000 depending on if those support levels hold and are able to produce bullish reversals on lower time frames
ETH and many other coins have formed a triangular pennant over the last few weeks. ETH has reached the top of the channel and peaked at 2800. Now it appears to be bouncing back downwards. The currently support level of 2500 intersects with the current channel support, and at this moment we should expect some action.
I predict ETH will either bounce back from 2500, and retest the top channel support again, or it will fall through support and find the next level of support around 2000-2200.
If ETH falls near 2500, we will begin looking closely for upward momentum in the lower time frames (15min, 30min, 1hr), which would signal a possible buying opportunity as ETH pushes towards the top of the channel again. If ETH falls beneath 2500 support, we will look for buying opportunities around 2000-2200.
ETH and many other coins have formed a triangular pennant over the last few weeks. ETH has reached the top of the channel and peaked at 2800. Now it appears to be bouncing back downwards. The currently support level of 2500 intersects with the current channel support, and at this moment we should expect some action.
I predict ETH will either bounce back from 2500, and retest the top channel support again, or it will fall through support and find the next level of support around 2000-2200.
If ETH falls near 2500, we will begin looking closely for upward momentum in the lower time frames (15min, 30min, 1hr), which would signal a possible buying opportunity as ETH pushes towards the top of the channel again. If ETH falls beneath 2500 support, we will look for buying opportunities around 2000-2200.
Comment:
ETH actually kept climbing towards 2900. I may have placed my upper resistance a bit too low.