Tonight's trade analysis features a long term trendline starting on the 28th of December at 08:00. This level was a support-turned-resistance after the previous 25% pullback, much similar to the one we saw in early January of this year in terms of its percentage and general effect on the sentiment of the market.
People are seemingly very shaken by the price action, especially those new to crypto! Not me though, I watched closely and saw many similarities to the time mentioned above. Using the LazyBear wave trend oscillator I am able to more confidently enter a long position, I will be taking profit between here and the 1.618 Fibonacci retracement level.
The wolfpack indicator may help you understand and give more confidence to your entries, I have included it in this analysis.
This will of course be invalidated following a drop below the green trendline I have drawn, I would be shocked if we went lower but I would also be happy at the opportunity to buy Ethereum for a price I consider cheap! Please do your own research before trading, use risk management and be sure to not overleverage yourself, you will lose money!
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Looking like Ethereum is about to break back above the trendline in my analysis, I am hopeful we will have a green march.