Support broke a few days ago
Observations:
Envelope has been breached - reactive bounce expected to the top of orange trendline, close to the support break. This is would a great spot for a short.
Next daily support at 2400
Consider that the blue dotted line will have to be under price for it to go up (as hightlighted in the green circles)- Right now that line (Pink Dotted) is at 3900
Means when we get to the bottom - they'll no rush to get long as price bases.
Excuse the compression of the chart - think it has something to do with my widescreen monitors, stretch it out.
Note
Well right idea anyway - ETH was so weak that didn't quite make it back the resistance line. However it was $500 bounce. As we are once again at the midline of the triangle - looking for another bounce here.Trade closed: target reached
Target Hit - ETH is now $2400If this fails - this could get very ugly - will need to base here for quite some time to go back up.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.