Update:
It has been a while, currently looking at a few things playing out for ETH right now. we have these 2 upwards sloping trend lines and last night we came down and tested the bottom perfectly before seeing a nice volume bounce, unfortunately price has came back down we have gotten a swing failure to the downside eliminating all of the longs and boosting price back to the upside.
the most bullish scenario is a touch/retest off of the white line here securing it as support again, before continuing to the upside and getting a test off of this orange line and pumping to the upside.
the fib retrace has played a good role in support we found amazing support at the 0.236 level, which is really bullish in terms of mid term movement a solid break (4hr close) of this level then a retest of the previous swing low is extremely likely.
The white line in the middle of the chart and that is the 0.5 fib level, breaking this and testing as support is crucial to a positive break, could be a fakeout unless this happens.
tomorrow will be a big day, I am in longs so hoping we can see this bullish breakout to really kick off December.
It has been a while, currently looking at a few things playing out for ETH right now. we have these 2 upwards sloping trend lines and last night we came down and tested the bottom perfectly before seeing a nice volume bounce, unfortunately price has came back down we have gotten a swing failure to the downside eliminating all of the longs and boosting price back to the upside.
the most bullish scenario is a touch/retest off of the white line here securing it as support again, before continuing to the upside and getting a test off of this orange line and pumping to the upside.
the fib retrace has played a good role in support we found amazing support at the 0.236 level, which is really bullish in terms of mid term movement a solid break (4hr close) of this level then a retest of the previous swing low is extremely likely.
The white line in the middle of the chart and that is the 0.5 fib level, breaking this and testing as support is crucial to a positive break, could be a fakeout unless this happens.
tomorrow will be a big day, I am in longs so hoping we can see this bullish breakout to really kick off December.
