ETHUSD Analysis 27/12/2021 1hr
Update from previous idea:
last time we looked at this chart we were struggling to break the 0.5 resistance, price has since flipped it as support and managed to touch the golden pocket fib being rejected exactly at this level.
so the next target is getting back above the 0.618/65 which is now back to acting as resistance, with the point of control being just under the 0.5 we haven't seen a test of this level since breaking it so can definitely see a test of this level being likely.
I also think the green box could be tested if we manage to fall down to the 0.5 at this point on this chart we are in no mans land I don't mind a small position here because we do look pumpy, but also building on that position at the 0.5 and the green box to average the price down.
Best case - break above and test the 0.618/65, making a new high.
Worst case - break back below the 0.5 hopefully holding at the green support box.
last time we looked at this chart we were struggling to break the 0.5 resistance, price has since flipped it as support and managed to touch the golden pocket fib being rejected exactly at this level.
so the next target is getting back above the 0.618/65 which is now back to acting as resistance, with the point of control being just under the 0.5 we haven't seen a test of this level since breaking it so can definitely see a test of this level being likely.
I also think the green box could be tested if we manage to fall down to the 0.5 at this point on this chart we are in no mans land I don't mind a small position here because we do look pumpy, but also building on that position at the 0.5 and the green box to average the price down.
Best case - break above and test the 0.618/65, making a new high.
Worst case - break back below the 0.5 hopefully holding at the green support box.
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