2021/10/07 08:18 PM – ETHUSD – D1 – BREAKOUT NOT CONFIRMED YET

ETHUSD – BREAKOUT NOT CONFIRMED YET ! by Ironman8848 on TradingView.com

Despite a second consecutive daily closing above the clouds (around 3’500),(high @ 3632), the ETHUSD is still showing some uncertainty about further development as you can see the recent and current price action on this daily chart .


Indeed, as I already mentioned yesterday, we still need to see, a “real” breakout confirmation, which, for the time being, it is not the case yet !!!


Therefore, once again, today’s closing might perhaps gives more clues about further direction and if the breakout confirmation does not occur soon, the bears will regain power to reverse the ongoing upside price action.


Last but not least, the validation of the clouds breakout will be given by the Lagging span price action too !!!


CONCLUSION :


Monitor closely intraday shorter time frames as a failure to hold above 3’500 should be seen as a warning signal for a reversal !!!


Ironman8848

Disclaimer :

All views expressed on my analysis are my own and do not represent the opinions of any entity, whatsoever with which I have been, I am now or I will be affiliated with. Any action you take upon the information on those analysis is strictly at your own risk and should not be considered as an advisory. The author assumes no responsibility or liability for any errors or omissions in the content of his analysis. The information contained is provided on an «as is» basis, with no guarantees of completeness, accuracy, usefulness or timeliness and without any warranties of any kind whatsoever, express or implied. 

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