EtherEum Triangle Aims for Crucial 1D MA200 Test for BINANCE: ETHUSD by TradingShot – Technische Analyze – 2023-01-07 21:24:02

Ethereum ( ETHUSD You trade in a range triangle pattern Since the market bottomed on June 18, 2022. It is above the 1D MA50 (blue trend line), where it received the last rejection on December 14, and is targeting the 1D MA200 (blue trend line). orange trendline), which now happens to be at the exact top (trendline of the lower high) of the triangle and that is where it experienced its last major rejection during the FTX crash on November 4, 2022.

The 1D candle closes above the 1D MA200 and shifts the current medium-term neutral trend into rising And the goals are 0.618 Fibonacci retracement level (which occurs at the November 04 resistance) and if it is also broken, then 0.786 Fibonacci (which occurs at the September 11th high/resistance). Basically see how all the Fibonacci levels formed critical pressure points within this pattern.

On the other hand, a close below the 1D SMA 50 could target the bottom of the triangle again, but only a break below the recent higher low (1075.50) could reverse the trend. bearish (medium range) against the market bottom of 885.00.

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