ETH has retested the resistance at $1250 and was rejected again. Therefore we're back close to 1k where we are likely to find support to propel us higher.
Bias remains bullish, however we need to keep an eye on BTC as it exits the pennant to get a sense of the overall market direction which ETH will mirror (see below my idea on BTC).
Short term we are likely to touch the support at Fib 23.6% or maybe even go lower, but that is a less likely and if we do we will be pushed up quickly. Question is if the local resistance will push us back again or will it crack. The weekend should provide an answer.
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Bias remains bullish, however we need to keep an eye on BTC as it exits the pennant to get a sense of the overall market direction which ETH will mirror (see below my idea on BTC).
Short term we are likely to touch the support at Fib 23.6% or maybe even go lower, but that is a less likely and if we do we will be pushed up quickly. Question is if the local resistance will push us back again or will it crack. The weekend should provide an answer.
Like and follow if you liked this idea.
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