The market overall is in an uptrend on the higher timeframes. However, on the 1H timeframe, the market is moving sideways. BINANCE:ETHUSDT formed a ractangle pattern, which it broke through later. The price reached the support level that was tested twice. It created another range zone. I expect an upward short-term move and a retest of the resistance zone/top of the range zone. My target is the resistance zone around 3444.00
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
Knowing that 4hrs Bullish Time Cycle is about to end (in 3 to 4 days) and the Bearish Cycle Starts, my take will be a test to 3400/3450 then head lower to test the 3295 support area and if it doesn't hold (which I believe it wont) then will continue lower to the 2860 big support area after a pause at 3085 that based on Bitcoin next move around the halving date which so far is pointing down so buckle up ladies and gentlemen because we're going for a wild ride again. But don't get me wrong ETH and Bitcoin are heading higher long term that's for sure. One thing to mention , nobody is paying attention to BCH and the way it looks on the weekly after next retracement will head to the $2500 area so keep an eye on it. Have a nice trading day.
Lingrid
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What do you think, guys? Feel free to share your ideas ✌️?