How good is a bull run.
With our last Ethereum daily resistance zone not lasting long, I'm going to go over the price action that took us through it and talk about where we're at now.
Starting with the daily chart, you can see price went straight through our previous resistance zone, drawn from the most recent swing high.
You can also see that price has now reached a new daily zone.
Check out this post on how I place forex support and resistance zones. It features a 3 step process for how I place my zones.
With that knowledge, I'll leave you to zoom back in time and draw the new zone yourself.
Now let's zoom into an intraday chart and take a look at the price action.
With price breaking through the last daily zone, you did have an opportunity to trade the breakout if you were aggressive.
As price was above daily resistance, you could have found the last area of short term resistance that when retested as support, was a good long entry.
I marked an example zone in blue, but for full disclosure I couldn't trade this myself as my forex broker is closed on the weekend. Those of you who margin trade on 24/7 crypto exchanges however, could have taken it.
With price now at the next daily zone, the process remains the same.
Best of probabilities to you,
FOREX BROKR | LeoFinance Blog
Daily market analysis.
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