We are currently on an ascending parallel channel. We should keep the bullish momentum as long as we stay above the 50% fib retracement level at about 241+. There may be another ascending parallel channel formed if price breaks the bottom of this ascending parallel channel but manages to stay above the 50% fib retracement price of 241+.
Beware of the bearish CME gap that may appear for BTCUSD over the weekend that may affect ETHUSD price too. So you may look out for an entry on a pullback on ETHUSD from Monday onward instead of taking a greater risk on a weekend. However, there is also a possibility that ETHUSD price may breakaway and get bullish on ETHBTC too.
By the way bullish ethusd and ethbtc would also usually mean alts show a healthy uptrend, some more than others.
Just an observation. Trade only what you can afford to lose. Nothing is 100% in life, ever. Good luck.
Beware of the bearish CME gap that may appear for BTCUSD over the weekend that may affect ETHUSD price too. So you may look out for an entry on a pullback on ETHUSD from Monday onward instead of taking a greater risk on a weekend. However, there is also a possibility that ETHUSD price may breakaway and get bullish on ETHBTC too.
By the way bullish ethusd and ethbtc would also usually mean alts show a healthy uptrend, some more than others.
Just an observation. Trade only what you can afford to lose. Nothing is 100% in life, ever. Good luck.
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241 support has been lost. The positive thing about this is that if it stays like this the BTCUSD CME gap from Monday might actually be bullish with a gap on higher price range that needs to be filled. I believe this is a long liquidations event before the price moves to a higher price range. Just an observation.
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If we continue to recover comfortably from here, here is the additional 'mini' ascending parallel channel. The resistance of around 241+ needs to be broken again which is the 50% fib retracement level.
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Looks like we are back testing the 233+ level again as support (previous resistance from the 200MA). Will probably have to wait till Monday-Wednesday for a continued uptrend. The long liquidation and stop loss hunt is still ongoing it would seem.
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Hidden Bullish Divergence forming on the 4hrly chart.
