6.29 2nd coin ETH rebound 1575-1585 area lacks strength and fails; defend at 1595; targets 1530/1510
ETH is currently quoted at 1564. After a continuous rebound on the 1-hour timeframe, it met resistance again around 1570.
The short-term moving averages have started to flatten, but they are still running below the 4-hour moving average. This suggests the rebound is more like a repair after a decline, not a trend reversal.
1600-1610 remains the first resistance zone. If price cannot break above and hold, any rebound can only be defined as a correction.
1550 is the short-term bull-bear pivot. Once it is lost again, there is no guarantee it won’t continue to test 1520, and even around 1500.
Only if price puts in stronger volume to stand and hold above 1600 will there be a chance to further challenge the 1640 area.
Recently, many people see consecutive rebounds and start calling for a reversal.
But real trading isn’t about changing your beliefs just because a few candles go up.
Before the trend is confirmed, I’d rather miss a bit of profit than prematurely bet on direction $ETH
#ETH
ETH is currently quoted at 1564. After a continuous rebound on the 1-hour timeframe, it met resistance again around 1570.
The short-term moving averages have started to flatten, but they are still running below the 4-hour moving average. This suggests the rebound is more like a repair after a decline, not a trend reversal.
1600-1610 remains the first resistance zone. If price cannot break above and hold, any rebound can only be defined as a correction.
1550 is the short-term bull-bear pivot. Once it is lost again, there is no guarantee it won’t continue to test 1520, and even around 1500.
Only if price puts in stronger volume to stand and hold above 1600 will there be a chance to further challenge the 1640 area.
Recently, many people see consecutive rebounds and start calling for a reversal.
But real trading isn’t about changing your beliefs just because a few candles go up.
Before the trend is confirmed, I’d rather miss a bit of profit than prematurely bet on direction $ETH
#ETH