Since breaking under the 0.023 pivot, last Friday, price has been unable to break above this area, and the market has continued trading in a tightening range. In fact, the 30-minute chart shows a very clear triangle formation, which suggests that pressure may be building up for another big move. If price can break above 0.023 again, I would not be surprised to see the market make another attempt at breaking the major resistance at 0.024 – which I outlined in my previous Ethereum technical article.
The 4-hour chart however is showing a more bearish scenario. There is a very clear Head & Shoulders formation, with both shoulders lining up with the 0.023 pivot zone. If the market breaks above 0.023, this pattern will be invalidated. So, keep your eyes on 0.023!
Disclaimer: This is not trading/investment advice!
Image credit: 1
Chart Source: https://poloniex.com/exchange#btc_eth
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.