ETH: Post-Breakout Retest - The $4400 Decider?
Trendline Breakout & Immediate Resistance: The 4-hour candle has closed above the downward trending channel, indicating a potential shift in short-term momentum, but it is currently facing immediate resistance around the $4500 level.
Anticipated Retest: A retest of the broken trendline, likely around the $4400 mark, is anticipated before further price action can be definitively assessed.
Bullish Continuation Scenario: Should ETHUSD sustain above $4400 following the retest, it suggests a potential continuation of the larger bullish trend (daily & weekly), targeting higher resistance levels like $4650.
Bearish Reversal Scenario: Conversely, a failure to hold above $4400 after the retest could see price reverse downwards, potentially retesting the weakening Fibonacci Golden Level support area between $4000 and $4100.
Disclaimer:
The information provided in this chart is for educational and informational purposes only and should not be considered as investment advice. Trading and investing involve substantial risk and are not suitable for every investor. You should carefully consider your financial situation and consult with a financial advisor before making any investment decisions. The creator of this chart does not guarantee any specific outcome or profit and is not responsible for any losses incurred as a result of using this information. Past performance is not indicative of future results. Use this information at your own risk. This chart has been created for my own improvement in Trading and Investment Analysis. Please do your own analysis before any investments.
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