My basic analysis, I am still learning :)
The red rectangle is a key resistance area: from 1100 to 1160.
Two hours ago ETHUSD did not reach this resistance area and it pulled back a little but it is even possible to enter this area in the next hours.
I think that if ETHUSD does not enter this area, it could fall to the bullish support line and then it will retest...
The bearish movement may first break the 20.8639 support, reaching the price of 20.66.
So I am going to sell at the pullback in between 20.9 and 21.00.
SL at 21.45 or above.
USDMXN will show an opportunity to buy after ABCD bearish pattern completion.
21.39955 is matching the D point and one support that previously was a strong resistance.
Long at 21.39.
- TP1: 21.61956
- TP2: 21.83723
SL below 21.3
In the last 4 years, Bitcoin has presented three main fast maximum levels followed by fast bearish movements.
There in the chart are 3 ABCD movements illustrating this idea, so that is why I am thinking the fourth is possible with a bearish target of 600 (above 0.618 Fib. retracement level for the last two years movement).