ETHUSD, H4 | Potential for Bullish Continuation
Type:
Bullish Bounce
Key Levels:
Resistance: 2826.54
Pivot: 2592.74
Support: 2438.38
Preferred Case:
Prices have recently bounced off a support at 2592.74 in line with 161.8% Fibonacci Projection and 61.8% Fibonacci retracement towards our 1st resistance at 2826.54 in line with 61.8% Fibonacci retracement. RSI is at levels where bounces occurred previously.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 2438.38 in line with 200% Fibonacci Projection.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.