Long

ETHUSD 15 Minute Double Bottom: Waiting For Bullish Reversal.

Look at this interesting double bottom formation on the 15 minute. This nicely formed reversal pattern came off of an old resistance/new support area of 278 which overlaps with the .382 of the recent upward swing from 205 to 318. Within the context of a major bullish trend, these signs point to continued strength. The most recent minor upward swing is sitting just under a minor resistance area which is likely to break in this scenario, but I would not take a trade at the top of a swing. A more conservative entry would be on a pullback to the nearest support around the 282 area. Watch for a reversal candle off this price area for the signal (and it has to close). An alternate bullish reversal can also occur in this area as a smaller double bottom. If a long signal triggers, potential targets are 295 (conservative) and 305 (aggressive). A break below 275 would negate this trade and is a good point to measure risk from. Assuming a long from 284 (give or take) your first target offer 1:1 while your second target offers 2:1. Not bad for day trading returns. Keep in mind this thing is strong, it is very possible for ETH to continue beyond. Let's see how it plays out.

MarcPMarkets

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