Ethereum Weekly Outlook
ETHUSD weekly downtrend channel still intact. Weekly candle closed, engulfing the previous bullish weekly candle
Bullish case would be a break above 490 to show a break of the downtrend channel.
Volume is descending indicating contraction, many would attribute this as sellers being exhausted.
However if there is no follow up buying pressure this would lead to further sell-off. With a weak weekly close this adds more confluence that there would be a sell-off.
A break below this downtrend channel + key support at (390) would induce panic causing capitulation downwards.
The next floor region would be 300-258
Happy Hunting,
Charles Chua
ETHUSD weekly downtrend channel still intact. Weekly candle closed, engulfing the previous bullish weekly candle
Bullish case would be a break above 490 to show a break of the downtrend channel.
Volume is descending indicating contraction, many would attribute this as sellers being exhausted.
However if there is no follow up buying pressure this would lead to further sell-off. With a weak weekly close this adds more confluence that there would be a sell-off.
A break below this downtrend channel + key support at (390) would induce panic causing capitulation downwards.
The next floor region would be 300-258
Happy Hunting,
Charles Chua
Comment:
Dynamic 200 EMA acting as resistance
Trade closed: stop reached:
Got stopped out, however volume is weak shall not do anything and review the trade