ETHUSD: 450 Area Potential For Next Buy.
ETHUSD update: Following the BTC surge, this market has reversed out of the 494 to 518 minor resistance zone which should not be a surprise. Now that a bullish trend line has also been established, it is more reasonable to expect supports to hold as this market continues.
The 455 to 439 minor support (.618 of recent bullish swing) is the next area that we are eyeing for reversal patterns. Based on the current rate of momentum, the next low is likely to be established over the next couple of days.
If this support is cleared, the low 400's is the next area to anticipate a bullish reversal. It all depends on how BTC unfolds.
Sentiment dominates short term price action and at S.C. we are always on the lookout for extremes across a variety of magnitudes. Extreme sentiment is where the highest probability setups appear.
In summary, buying pull backs can be tricky. Now that bullish price action is gaining a grip on these markets, it is within reason to expect more follow through. The next leg up has potential to test the 515 swing high at least. That is the what we will be using as a point of reference for profit targets.
The best thing you can do is learn to think in probabilities. Certain methodologies and tools help you do this better than others. Earlier on S.C. I wrote an article about Elliott Wave and shared an updated count on BTC. When used properly, it serves as a valuable guide to compare to price action as it unfolds. Check it out because it offers some insight into the broader expectations of this market as well.
The 455 to 439 minor support (.618 of recent bullish swing) is the next area that we are eyeing for reversal patterns. Based on the current rate of momentum, the next low is likely to be established over the next couple of days.
If this support is cleared, the low 400's is the next area to anticipate a bullish reversal. It all depends on how BTC unfolds.
Sentiment dominates short term price action and at S.C. we are always on the lookout for extremes across a variety of magnitudes. Extreme sentiment is where the highest probability setups appear.
In summary, buying pull backs can be tricky. Now that bullish price action is gaining a grip on these markets, it is within reason to expect more follow through. The next leg up has potential to test the 515 swing high at least. That is the what we will be using as a point of reference for profit targets.
The best thing you can do is learn to think in probabilities. Certain methodologies and tools help you do this better than others. Earlier on S.C. I wrote an article about Elliott Wave and shared an updated count on BTC. When used properly, it serves as a valuable guide to compare to price action as it unfolds. Check it out because it offers some insight into the broader expectations of this market as well.
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