Cryptocurrencies Outlook | ETHEREUM
Monday, 9th July 2018
Note: I use New York Close Chart for all my Trading Analyze.
ETH/USD
In the long-term, the decline from the May 6 peak at 833.80 has probably bottomed out at 403.03 on June 29.
In both the daily and 4-hourly time frame, the dominant remains bearish.
As such, the rise from 403.03 is seen as a rebound although there is a good chance this steady rise is a reversal targeting 880.62.
Still, with the dominant trend heavily entrenched to the downside, another persistent decline from within 832.71 – 890.51 cannot be ruled out.
In the medium-term, this rebound is likely to extend into the immediate supply zone at 514.38 – 541.76.
In the hourly time frame, last Saturday’s surge to 492.26 put the rebound from the June 29 low at 403.03 back on track.
Going forward, this rise is likely targeting 522.30 which is located within a minor supply zone at 519.54 – 524.86.
Once this target is hit, a correction is anticipated. The level to watch in the hourly time frame is 544.74.
If and when this is level is taken, the near-term bearish directional bias will be invalidated, and the counter-trend rise from 403.03 becomes the dominant trend.
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