ETHEREUM/US DOLLAR (ETHUSD) Analysis

in #trading7 years ago

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ETHUSD broke out of a Symmetrical Triangle but it moved back up and it's testing the broken trendline.
I added the fibonacci retracement levels and it perfectly fits with the support/resistance levels of this pair.
The price today moved on the 235.000-245.000$ zone and now it's dealing with a quite strong resistance which is a combination of the triangle support line,the support/resistance level of 245.00-260.000$ and the 0.236 Fibonacci Retracement level.

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The price might break the current resistance and move up to the next resistance which is a combined resistance of the Resistance Trendline of the Symmetrical Triangle and the 0.382 Fibonacci Retracement level.
Depending on how the price behaves on that resistance,price might break it and go up to the next resistance levels or go back down to the first support/resistance level.

Comment for any suggestions or disagreements.