Is the Bull push down to BUY?
Updated
Last week we estimated Ethereum break the key resistance neckline(neckline1: long term pressure down trend line), and reach a satisfaction price at 170, it might have a health correct, and backtest support level, target as the following level:
Target 1: 144 - 150
Target 2: 133 - 138
Target 3: 123 - 127
These three targets are all reached. Especially the Target 2 and Target 3 are all reached in a short period of time(half day, 12 hours), we observe that this selling has the following characters:
1. After Huge volume, no followers. (Stop orders were hit? maybe it is.)
2. After price drop to neckline level, then price steady up.
3. When price went up to around 130, a push down again.
4. When pushing down to the Necline1, the selling pressure stop.
From the above characters, we guess this time price drop down maybe is the Bull Push Down to Buy (BPDB)
Overall the bullish structure is still there, unless drop down lower than critical level.
A health backtest, if it can be hold, then can jump high.
Let's observe the market development, next.
If the backtest gets support, then it might form the Ethereum Pattern.
Target 1: 144 - 150
Target 2: 133 - 138
Target 3: 123 - 127
These three targets are all reached. Especially the Target 2 and Target 3 are all reached in a short period of time(half day, 12 hours), we observe that this selling has the following characters:
1. After Huge volume, no followers. (Stop orders were hit? maybe it is.)
2. After price drop to neckline level, then price steady up.
3. When price went up to around 130, a push down again.
4. When pushing down to the Necline1, the selling pressure stop.
From the above characters, we guess this time price drop down maybe is the Bull Push Down to Buy (BPDB)
Overall the bullish structure is still there, unless drop down lower than critical level.
A health backtest, if it can be hold, then can jump high.
Let's observe the market development, next.
If the backtest gets support, then it might form the Ethereum Pattern.
Note
2. After price drop to neckline level, then price steady up.
3. When price went up to around 130, a push down again.
4. When pushing down to the Necline1, the selling pressure stop.
Happy Range Trading!
Note
Expecting to have a further dip for forming W bottom.Let's watch market testing the critical level.
Note
Well done. It forms a W bottom.
It is clear, the Bull push down and test low to buy.
Maybe it has been completing XABCD bottom pattern.
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