ETH Bulls are winning this struggleWhats up people!
In my previous chart i was short on ETH for a while. I didn't really make a any super great profits though because the price movments was really tricky.
I actually thought we were going down way more, but I realized that we have some bullish action going here. It's a hard struggle for the bulls and personally I'm waiting for ETH to prove itself a bit more before I open a long position.
As you can see the current price structure is taking the shape of a ascending triangle, which means I'm expecting the price to break out somewhere in my yellow box .
We recently got rejected from that price area (which was expected, as we had produced a ascending wedge pattern).
Now I'm looking to see how the price reacts with the ascending support together with the immediate horizontal support at 572€~. I'm expecting a bounce in that range and a slow climb toward my breakout zone.
Patience is key here as we need to confirm in which direction ETH want's to test. At this point, as we have continually created higher lows, I'm expecting a re test of the 633€ resistance as the most likely scenario.
I wish you the best of luck!
