ETH/USD and ETH/BTC Technical Analysis October 31 2017

[embedded content]
ETH/USD

Ethereum has gone back and forth during the session on Monday, as we continue to test the $312 level. I think there is a significant band of resistance extending from that level to the $316 level, so I need to see this market break above the $316 level to jump “all in.” Because of this, you could also look at pullbacks as opportunities to add a little bit to an existing position, with an obvious support level being the $304 level.

ETH/BTC

Ethereum continues to sell off against Bitcoin, and now this market has become very easy to trade: you simply sell rallies. It looks as if we’re going to continue to drift lower, and move below the 0.047 level is a fresh, new low, and extraordinarily bearish signal. If we were to break above the 0.056 level, then I would have to rethink things, as we could rally significantly from there. However, there’s nothing on the 4-hour chart telling me to do anything but sell.

Thanks for watching, I’ll be back tomorrow.

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Let’s block ads! (Why?)

Source: Newsbtc