ETHUSD
Had a relatively healthy pullback on the weekly chart with a high-volume bounce off likely support. There's reason to believe the dump could be coming to end. Previous tests of the weekly 20 ema (green) that close above it have resulted in consolidation followed by a move higher. These tests have often been on high volume. Weekly Stochastics are still falling, however they are approaching the 50 line, which has acted as support before. I expect we see about a week of sideways trading in a somewhat tighter range while bag holders attempt to get even. A close over the~6 month 61.8% fib extension into the 920's would indicate the week ends with strength, so I'll be watching closely this weekend. We didn't quite touch the weekly 20 ema as we have previously, so a buy order just below today's session lows could be the ultimate steal of a deal if we get more panic selling and you're still looking to accumulate ETH. For those looking to scalp the likely sideways market next week, I like a sell on at least the first test of the 1150-1200 zone with the intention of buying all dips.
ETHUSD
Had a relatively healthy pullback on the weekly chart with a high-volume bounce off likely support. There's reason to believe the dump could be coming to end. Previous tests of the weekly 20 ema (green) that close above it have resulted in consolidation followed by a move higher. These tests have often been on high volume. Weekly Stochastics are still falling, however they are approaching the 50 line, which has acted as support before. I expect we see about a week of sideways trading in a somewhat tighter range while bag holders attempt to get even. A close over the~6 month 61.8% fib extension into the 920's would indicate the week ends with strength, so I'll be watching closely this weekend. We didn't quite touch the weekly 20 ema as we have previously, so a buy order just below today's session lows could be the ultimate steal of a deal if we get more panic selling and you're still looking to accumulate ETH. For those looking to scalp the likely sideways market next week, I like a sell on at least the first test of the 1150-1200 zone with the intention of buying all dips.