End of week look at ETH
Hi all,
Looking at the ETH/USD pair and as commented on Wednesday, we are still caught in the $240-$230 zone with $235 acting as local resistance now.
The bear pennant that was being formed in the last few days resulted in another drop, but the heavy support level at $230 once again proved its stability. If broken, then the downward movement will take us down to $216-$220 - a level that I consider as the mid-term bottom, so - good buying opportunities.
Up, the targets remain the same - $235 and $240.
Looking at the 4-h chart, I see two possible scenarios:
Yellow and Green arrows
Cheers,
Looking at the ETH/USD pair and as commented on Wednesday, we are still caught in the $240-$230 zone with $235 acting as local resistance now.
The bear pennant that was being formed in the last few days resulted in another drop, but the heavy support level at $230 once again proved its stability. If broken, then the downward movement will take us down to $216-$220 - a level that I consider as the mid-term bottom, so - good buying opportunities.
Up, the targets remain the same - $235 and $240.
Looking at the 4-h chart, I see two possible scenarios:
Yellow and Green arrows
Cheers,
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