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- Possible new break out for ETHUSD
Possible new break out for ETHUSD
Long-Term View
Here we have two scenarios.
In the case of the long-term scenario, we use the daily time-frame. The long site scenario states that if the price break-level is 880.37, which is the Kijun Sen (yellow line), then the next area of resistance will be the Kumo at 974.39. Now, the Kumo is very thin, so we shall watch to see if that resistance will hold. However, if Kumo breaks as well, then we may see a new Kumo break out signal forming, only if price and all the lines are out of the Kumo.
In the case of the short site scenario, we can see that if price breaks the Tekan Sen line at 847.40, then the market will probably turn to the down site.
An overall view the market is still in a bear mode so be careful!
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