What's up traders, I hope you are all having a good start to the trading week.
Here we are analyzing ETH/USD on the 8H chart.
Continuing to keep a close eye on the entire Cryptocurrency market, as volatility continues to baffle trades across the spectrum. Price is currently trading at 734, after finding support at 658 with a double bottom pattern.
At current, price is trading at 734 after finding the support. Price had previously been in a free fall correction since 5th March, before hitting reliable double bottom support which was the right time to catch the falling knife.
Price will either break side-wards resistance at 795, then retest the side-wards resistance line as a new support before more up move. Or, price could hit side-wards resistance, have a small retracement to a minor support, before picking up the necessary momentum for the upside later.
If the bottom of the horizontal support at 640 level is breached. I will be concerned for Ethereum's trend health, and we would need to reconsider our options.
I will update this analysis when I receive above 40 likes.
Here we are analyzing ETH/USD on the 8H chart.
Continuing to keep a close eye on the entire Cryptocurrency market, as volatility continues to baffle trades across the spectrum. Price is currently trading at 734, after finding support at 658 with a double bottom pattern.
At current, price is trading at 734 after finding the support. Price had previously been in a free fall correction since 5th March, before hitting reliable double bottom support which was the right time to catch the falling knife.
Price will either break side-wards resistance at 795, then retest the side-wards resistance line as a new support before more up move. Or, price could hit side-wards resistance, have a small retracement to a minor support, before picking up the necessary momentum for the upside later.
If the bottom of the horizontal support at 640 level is breached. I will be concerned for Ethereum's trend health, and we would need to reconsider our options.
I will update this analysis when I receive above 40 likes.
