The support identified yesterday at 290 USD has been broken undoubtedly leading to a sharp drop in prices.
- Uncertain indicators
- Major support
- Bearish channel
Buyers managed to raise prices overnight. Nevertheless, we are not immune to a new correction.
Our analysis are entirely done on Binance charts
Several scenarios seem to be emerging. Either buyers are able to switch back to $ 290 and the market is on the rise again. Either the sellers manage to break the support at $ 270 and we enter a new phase of correction. Even if it is not easy, once again it will be necessary to be patient to determine which scenario will take over. Indeed, we are still evolving in our bearish channel, a priori, the underlying trend is therefore bearish. However, the signals let appear a possible bullish reversal on the market. For it to be confirmed, it is necessary that the buyers manage to leave the downward channel. For this, they will first iron the two pivots at 290 and 300 USD. Clearly, we will have to arm ourselves with patience. If the buyers manage to break the two pivots at 290 and 300 USD, it will be a sign that the market is ready to test the dynamic resistance of the downtrend channel. If they fail, we will test the 200 USD.
How to take position?
We are still waiting for Ethereum to form a clear backing to take a position back to $ 500. For the moment, a support is formed, but the signals remain uncertain. Better wait until Ethereum is leaving its bearish channel to iron buyers. If it breaks the support at $ 250, we will reposition ourselves at $ 200.
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Should we expect a new correction?
A new correction could begin if buyers do not break the pivot at 290 USD.
Key Levels :
- Essentials resistances: 290 – 300 – 320
- Essentials supports: 250 – 270 – 280
Disclaimer: This blog is only the showcase of my work. I expose to you all my personal analyzes, my personal trades, my personal investment decisions, or the positions that I judge good without taking them myself. We do not offer any investment advice and they are not trading instructions. Nevertheless, you are free to copy my judgments if you judge my work satisfactory.
It is important to note and understand that cryptocurrency trading carries serious risks. You can lose capital and more on some platforms. Take this into account and moderate your investment decisions. Never invest money that you can not afford to lose!
Reminder: The analyzes on the page cover a period of 12 to 48 hours and are optimized for Day Trading and not the long position. We give our long positions on our youtube channel.