ETHUSD; Against better resistance but not backing off yet
A combined hammer formed on the 28th and 29th of last month (when combining the two candles, a strong hammer forms) ended the recent sell off for now.
Now market is against a better resistance zone between 625 and 635; not only the 38,2% Fibonacci retracement level but also previous horizontal support from earlier this in may (see up arrows). Against this resistance, a combined shooting star has formed. The fact that market is keeping steady after this may imply upside is not done for now and market is just consolidating recent gains. But this has to be confirmed with a better move over 635.
As long as dips hold toward 575 support one may expect such a move; 700 is implied after this.
Now market is against a better resistance zone between 625 and 635; not only the 38,2% Fibonacci retracement level but also previous horizontal support from earlier this in may (see up arrows). Against this resistance, a combined shooting star has formed. The fact that market is keeping steady after this may imply upside is not done for now and market is just consolidating recent gains. But this has to be confirmed with a better move over 635.
As long as dips hold toward 575 support one may expect such a move; 700 is implied after this.
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