The ETH/USD pair has violated the trendline around the level of 133.00 and made a new local high at the level of 136.15, which is just below the technical resistance at the level of 136.54. Despite this move up, the outlook is still bearish as there is uncompleted wave (c) to the downside, so the market is expected to return to the down cycle as soon as possible.
Weekly Pivot Points:
WR3 – 140.08
WR2 – 144.31
WR1 – 138.13
Weekly Pivot – 134.32
WS1 – 128.34
WS2 – 124.63
WS3 – 118.55
Trading recommendations:
The market is still unfolding the wave (c) to the downside, but the second target at 127.85 has not been hit yet. Nevertheless, it might be a good opportunity to join the bears and open a sell position below the level of 136.54. The targets for the bears are unchanged.
The material has been provided by InstaForex Company – www.instaforex.com
Technical market overview:
The ETH/USD pair has violated the trendline around the level of 133.00 and made a new local high at the level of 136.15, which is just below the technical resistance at the level of 136.54. Despite this move up, the outlook is still bearish as there is uncompleted wave (c) to the downside, so the market is expected to return to the down cycle as soon as possible.
Weekly Pivot Points:
WR3 – 140.08
WR2 – 144.31
WR1 – 138.13
Weekly Pivot – 134.32
WS1 – 128.34
WS2 – 124.63
WS3 – 118.55
Trading recommendations:
The market is still unfolding the wave (c) to the downside, but the second target at 127.85 has not been hit yet. Nevertheless, it might be a good opportunity to join the bears and open a sell position below the level of 136.54. The targets for the bears are unchanged.
The material has been provided by InstaForex Company – www.instaforex.com
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