ETHUSD - Building out a bullish bottoming pattern
Updated
ETHUSD continues to throw small bullish signals as price meanders around the 120-140 area. Just reading the price action tea leaves we can see that price was able to break above the strongly bearish trend line a few days ago. There have been numerous attempts at breaking back below this trend line but each time it has been rejected. At least on two of those occasions price has strongly bounced off of the trend line and produced a bullish engulfing bar. The next step to watch for a potential bottom to be in place is price to break and hold above the overhead resistance level of around 137.
While it's not wise to go long during a strong bear market for short term trades, if you are in this for the long term then this may give some confidence a bottom is finally forming. But as I have said before, this market still has a lot to prove.
While it's not wise to go long during a strong bear market for short term trades, if you are in this for the long term then this may give some confidence a bottom is finally forming. But as I have said before, this market still has a lot to prove.
Note
Price has since broken upwards and the next leg of this bull is in motion. Check out my thoughts on that in the video below.
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