Ethereum Taps Important Weekly Resistance

LeoFinance
15 days ago
1 Min Read
234 Words

Direct from the desk of Dane Williams.



Hey team,

While everyone is excitedly looking at Bitcoin breaking all time highs, there's not a lot of historical, higher time frame support/resistance zones that we can use to day trade around.

But with Ethereum somewhat lagging behind, there is certainly opportunity to be taken advantage of, over there.

Just take a quick glance at the weekly below with a few horizontal lines drawn at swing points and you'll see exactly what I'm talking about.

ETH/USD Weekly:
ETH/USD Weekly

As always when trading my simple support/resistance trading strategy, we start with the higher time frame view and work downward from there.

Now, what do we see here?

Price is right up against the exact point back in 2018 where price sharply turned away and rejected from.

As price is now retesting a zone that previously saw just a violent rejection from, traders are going to be using this zone to manage their positions around once more.

Draw this zone on your chart from the weekly and then zoom into an intraday chart to watch the price action.

There's no doubt going to be opportunities to trade around this zone using my strategy, that we can talk about throughout the week.

Best of probabilities to you,

Dane.



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