ethhunter
Long

ETH confirming bounce, or dead cat? Bulls taking the fight !

BITSTAMP:ETHEUR   Ethereum / Euro
We seem to have established a support around 685€ after dropping to a whooping 573€ and currently moving around in the 700€ area.
I wont go too in depth because my technical analysis skills are very limited, but taking RSI and the volume behind the engulfing hammer thats formed, this is could be the end and of the current bear market, but beware and use risk managment.
The 1h chart still is moving down from the recent high of around 790€ , close to 800€ which ha previously has been a support zone , and turned into a resistance now.
I think there is a good chance we will see a slow decline to the current support that has been established, until we move to further highs, which I'm looking for - a somewhat of confirmation.
Comment: 695€ has been tested 2 times on the 5 minute chart, I'm feeling confident to go long from here, but I'll be keeping my stop loss very tight at 680€ where the second green appeared on the 1h chart.
Comment: Forgot to mention that 680€ has already been tested on the 1h chart as well, thats why I keep my stop there if you're wondering.

Target is 900€, then reevaluate.
Comment: Projection was solid. But I'm changing my trade, I'm closing it early at the resitance where we ar e now, at 800€ to reevaluate.
Trade closed: target reached
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