ETHUSD! Be careful with long positions!!! 08/07/2019
Yesterday, the ETH could truly breakout from the wide balance (192-235) and start the uptrend.
But instead, the breakout was false and the price returned back into balance. And close to the Asian session the price showed a initiative.
At the moment, for the bulls to take control again, the price needs to breakout 2 levels – 231 and 240.
Breakout and holds above 231 will open the road to 240, where the bulls will again try to break higher. A true breakout of 240 will open a new bull trend with the first targets 267 and 278, so in the area 235-240 you need to closely watching what market participants are doing. This can be seen by and price reaction after that.
While we are below 231, we remain in the priority of the bears, so now we are waiting for the price decline to the level 217 with a potential goes to the lower balance level – 192.
If you speculate intraday, do not forget to put stop loss orders and control your risks.
Wish you all profit.