From weekly chart, The bull might try to Test high, said the range 770 to 815.
The high side pressure might be heavy, due to floating hold up in 2018.
From daily chart, it looks like a fake breakup, be watch out of short-term correction.
The bull is attempting to Challenge last year high, 364.49.
Transaction volume also confirm this trend.
Need to be watched:
If close below 5 days moving average for 3 days, shall viewed as bull power exhausted.
As per our previous analysis on 11th, Jun, 2020:
""ETHUSD keep the same bullish trend , but moderate. Maybe a backtest of the key pressure line (Red parallel lines, now maybe become support line, but need to be tested.) If it can provide strong support, breakup the high side might be seen...
As per our previous analysis Range Trading between the dash line (said 216 - 245)
The Range trading is still the same, From Volume and Price pattern, we found
--the bull is not really want to break it up.
-- And the bear is not really want to push it down.
It is a happy...
Same Trick that play for 5 times between the dash line before.
Maybe next it will play the 6th times: Range Trading Push down a little bit, then test range top again.
Let's take a closure look with this trick:
Trick 1(Green Bubble) pump up with volume enlarge, but a small volume to pump it to a new high(Red Bubble), then...
GBPNZD pair forming an emergency falling Wedge from hourly chart and 4 hours chart.
It looks like bottom is near.
If we observe recent year weekly long-term chart, it touches the bottom projection trend line, too. (Dark line)
Long position is preferable if it continue a crazy drop. Let's see the bear how crazy it is....
The bull is accumulating the potential power for challenging the above 5 pressure (Said blue text)
1st pressure is the falling wedge pressure.
2nd pressure is the falling narrow range pressure.
3rd is the neckline pressure.
4th and 5 last year high project this year high pressure zone.
Let's see how bear react to bull's challenge.
The bull test the high side Key Pressue(Parallel Red Line Area) for two times.
These two time testing, The bull has the same behavior pattern.
Before new high the trading volume was high, but when testing new high, volume decreased.
It is a divergence, or said paradox. Said the bull just want to know how big pressure it is of the big pressure. (Surely, the...
It looks like a falling wedge.
Narrow Range trading.
Wait to see which side will breakout.
Holiday Dump or Holiday Pump?
--a fast falling wedge will breakup the upper side.
--a moderate falling wedge might breakdown the lower side.
Let's see this time what what happen Next?
Surely, the 1st time touch the major downtrend line, the price drop
--if we project last year high to this year high, the major downtrend resistance is around 250. ETHUSD tested it yesterday. Some locked down floating position escape from 250.
The trend is Keeping well of the uptrend of yesterday's dump. Volume is reasonable.
Guess and bias judgement: Maybe it...
Bear try hard to push down follow the major downtrend for several times, but the uptrend channel is still keeping well.
The key downtrend(the parallel red lines) might be terminated here, if the bear last try fail.
Let's keeping eyes on bear last try. If the bear could not kill down the price drop, then another bull run might be power on.
Volume does not enlarge together with price increased.
The bull seems to fear for testing the high side, losing the up trend momentum.
Unless it can climb and closed above 213 - 214, otherwise, it might have the following 2 development scenario.
Scenario 1: Range Trading between 204 to 211.
Scenario 2: testing low again: 198 to 200, 191 to 190.
The chart looks like the bull might be satisfied for recent price pump up.
Maybe a back test the support for confirmation it is still on the track of uptrend.
Key support might be 198 to 202.
Let's see if it will come back to test the support or not?