Potential ETH double gains [ETH/USD]

BITFINEX:ETHUSD   Ethereum / U.S. Dollar

A perfect play would be a rejection off the channel / wedge (we cannot confirm either, slightly more likely it is a wedge ) with not enough buying momentum- this would allow for a short opportunity onto a very nice support where we could then wait for signs of a reversal and could accumulate some bargain bin ETH.

Other scenarios:

Bullish breakout with enough buying volume could put us into an uptrend but I see this less likely.

No mini uptrend here and just a blast to the lower support- which is less likely but here we need to be careful it doesn't break through the lower support I am using to the true bottom.

This is NOT a buy OR a sell signal. I'm not a financial adviser and nothing I say is a fact, any losses made through these decisions do not hold me accountable and you should never invest more than you're willing to lose.

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Comment: Potential to turn here after already hitting the fib line, pretty bearish candle comparatively on a "reversal" we were expecting. Wait for confirmation of a small up or a large down from here.
Comment: Lowest target looking for 350ish,safest buy on support line is 380-400.
Comment: Here we will find out if it's a wedge or a channel.
Comment: The short keeps on giving. More likely a channel~ Lack of oscillation within the wedge realistically.
Trade closed: target reached: Short closed, we now look for the second half of the trade.
Trade active: GO ETH GO!
Trade closed: target reached: BOYS AND GIRLS WE MADE IT.
Nice work, ETH still very bearish.
+1 Reply
XanderCrypto VBAmaster
@VBAmaster, I agree, was anticipating a small pullback here given how heavy the buying action had been to prevent further free fall 2 days ago but maybe it could just retrace on this leg.
My chart looks similar. target 650 then retrace down.
+3 Reply
XanderCrypto BethanyJoy
@BethanyJoy, the stars alined.
+1 Reply
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