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Ethereum market technical outlook

Cryptocurrencies

Analysis method - “Gann Swings + Price Action”

August 15, 2018


Daily chart: Upswing has started. This move may have either significant or limited potential, since from one hand, the market didn’t form full-rate buy signal and from the other hand, the space of last swing allows the price to be corrected right to the 400.00-413.00 area (watch the red arrow).


H1: Local upward structure is forming corrective swing, that, probably, will be ended at the 300.00-312.40 area, where a very strong resistance level resides.



Conclusions:

Main scenario: Growth in direction 300.00-312.40 and then downward reversal.

Alternative scenario: Breakout and gaining a foothold above 312.40.

Trading recommendations: Search for sell signals at the 300.00-312.40 area.


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