ETH reversion to trendline, before next leg up
Updated
Ether's parabolic movement broke out of the upper Linear Reversion Channel in a movement that was not sustainable in the long term. Bears took it upon themselves to correct this anomaly, with the price now testing the trendline for support. This trendline has been breached a couple of times in the recent run, so this should not be taken as an exit signal. Rather, a break to the downside followed by an inability to break back to the upside of the trendline (support becoming resistance, followed by a break of the lower bound will be a signal to exit longs.
Happy trading & may the moon be with you all.
Happy trading & may the moon be with you all.
Trade closed manually
Closed long due to rising wedge formation, confirmed by bearish volume div and TX cross.
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