ETHUSD; Tackling 38.2% Fibo?
A break above 700 yesterday on better volume brings this coin right at the standard 38.2% Fibonacci retracement level of the 2018 drop (around 775).
For now no sign this is a problem level but ideally bulls need no hesitation today around this area and should provide a close above. Such action can signal a further move north where the 50% Fibonacci level, together with some horizontal resistance at 890 should be the target.
It should be clear that bulls have the upper hand as long as the short-term bullchannel is in place. It's low end is well defined (660 today, moving up 15 points a day). It's top end is just a projection (830, moving up 15 points a day).
Have to eye that 38.2% level today (775) on close; a failure to progress further beyond this level could spark some correctional action where previous 712 resistance could be retested.
For now, just play the bullchannel with 890 in mind.
For now no sign this is a problem level but ideally bulls need no hesitation today around this area and should provide a close above. Such action can signal a further move north where the 50% Fibonacci level, together with some horizontal resistance at 890 should be the target.
It should be clear that bulls have the upper hand as long as the short-term bullchannel is in place. It's low end is well defined (660 today, moving up 15 points a day). It's top end is just a projection (830, moving up 15 points a day).
Have to eye that 38.2% level today (775) on close; a failure to progress further beyond this level could spark some correctional action where previous 712 resistance could be retested.
For now, just play the bullchannel with 890 in mind.
Penafian
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