ETHUSDT, BULLISH OR BEARISH?
After making highs around the 2000USD region we began to observe what looks like a pullback. This pullback however can play out in two ways.
First, price recently tested the 1800USD region of minor support. This can hold price and a rally to create higher highs can begin or it can rally to the major resistance at 1950USD and reject to the downside to form a head and shoulder.
Second, following the head and shoulder setup, we can see a move lower toward the $1700 major support before we bounce higher.
Overall, so long as the $1700 level is not broken, it will be wise to focus on long trades as it offers the best RRR from a swing trading prespective.
NOTE: NOT FINANCIAL ADVICE.
First, price recently tested the 1800USD region of minor support. This can hold price and a rally to create higher highs can begin or it can rally to the major resistance at 1950USD and reject to the downside to form a head and shoulder.
Second, following the head and shoulder setup, we can see a move lower toward the $1700 major support before we bounce higher.
Overall, so long as the $1700 level is not broken, it will be wise to focus on long trades as it offers the best RRR from a swing trading prespective.
NOTE: NOT FINANCIAL ADVICE.
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