Can ETH break out of the downtrend ?
Updated
Unlike BTC, ETH didn't make a new low, as a result, so far it has been outperformed by both BTC and alts.
But also, the downtrend range has been more narrow for ETH, and is now a few $$$ away from the breakout point.
Indicator are looking good, RSI isn't overbought but in bullish territory, there is a bullish divergence still.
MACD has turned positive, has a HUGE bullish waiting to to be confirmed (needs a new high above purple line)
Moneyflow has been rising non stop since the low.
Those are positive signs.
Right under us, we have two descent support lines.
Once again, in the advantage of ETH, it didn't make a double bottom, so would it retrace, there isn't any critical levels.
That gives more room to reset, if needed.
To increase our odds, two of my targets are pretty close to each other, (the one in orange).
As of the purple, yes it's drawn out of thin air... -for now.
Usually when such a long term channel breaks, the price tend to retrace by a move equal to it's width.
Happy trading ! And please be careful of a potential bull-trap when price tests that trend-line !
But also, the downtrend range has been more narrow for ETH, and is now a few $$$ away from the breakout point.
Indicator are looking good, RSI isn't overbought but in bullish territory, there is a bullish divergence still.
MACD has turned positive, has a HUGE bullish waiting to to be confirmed (needs a new high above purple line)
Moneyflow has been rising non stop since the low.
Those are positive signs.
Right under us, we have two descent support lines.
Once again, in the advantage of ETH, it didn't make a double bottom, so would it retrace, there isn't any critical levels.
That gives more room to reset, if needed.
To increase our odds, two of my targets are pretty close to each other, (the one in orange).
As of the purple, yes it's drawn out of thin air... -for now.
Usually when such a long term channel breaks, the price tend to retrace by a move equal to it's width.
Happy trading ! And please be careful of a potential bull-trap when price tests that trend-line !
Note
first attempt was a bust, produced a double top and pin bar
On break of golden trendline, looking at golden targets
Note
We are still inside the channel target at 466 reached. 464 held okay as a support
Indicator are reset, Daily RSI should remain bullish, it doesn't look bad, but let's play it tight
A retest of 483 seems logical next
Note
We have a bull attempt, breakout of the purple line.
I'd like to see that RSI over 70, and reevaluate from there, but this isn't looking too bad.
Unless we go back through the line we just broke...
Note
we just had a close under the purple line, hard to say which is the fakeout, but i'd bet on the orange target
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