The key resistance line seems to be broken at the ETH/USD chart. We’re talking about the horizontal line at 1147 USD where the recent tops has been located. In our previous analysis we have described an inverted head and shoulders pattern. What is more, the market has also created a potential bullish harmonic pattern labeled as XABCD.
The current upward movement, from the technical point of view, seems to be supported by mentioned patterns. The textbook target may be located at 1389 USD.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The current upward movement, from the technical point of view, seems to be supported by mentioned patterns. The textbook target may be located at 1389 USD.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
