Short analysis on ETHUSD.
4 reasons to long:
1. Broke 300 support with little resistance
2. New high on yesterday daily bar
3. Pinbar technical pattern just formed on H4 time frame
4. Broke the 50% retracement, awaiting 61.8 break @ 323 (will add positions once broken with confidence)
5. BTCUSD bounced off 61.8% retracement a couple of days ago. Given ETH and BTC are closely correlated, it won't be hard psychologically for ETH buyers to hold over 61.8% level for ETHUSD.
Overall: BUY
4 reasons to long:
1. Broke 300 support with little resistance
2. New high on yesterday daily bar
3. Pinbar technical pattern just formed on H4 time frame
4. Broke the 50% retracement, awaiting 61.8 break @ 323 (will add positions once broken with confidence)
5. BTCUSD bounced off 61.8% retracement a couple of days ago. Given ETH and BTC are closely correlated, it won't be hard psychologically for ETH buyers to hold over 61.8% level for ETHUSD.
Overall: BUY
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**Correction: 5 reasons :)
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