Etherium Reacting To Buy Area, Could See A Reversal Soon
A large reversal candlesticks has just formed on the 15 minute timeframe of Etherium, suggesting we could see the price reverse out of the buy area over the next few hours or later on tonight.
Two previous buy areas have been broken over the past couple of days. The price broke through the first area in the early hours of yesterday morning after a small reversal (red arrow) took place, which was to be expected anyway, since the area wasn't that strong. The area found below, which I thought would cause a reversal back up to the highs, was also broken, but only after three smaller reversals took place (blue arrows)
After breaking through the area the price fell into the area below, which is what it's reacting to now.
This area has a better chance of causing the price to reverse than the two areas above due to it being located at the last point where big money traders and investors bought a lot of Etherium.
As mentioned, a large reversal candlestick (black arrow) has just formed upon the price reaching the area, which could be a sign the price might reverse in the next few hours or later on tonight.
For now, keep an eye on the area and watch for signs of a reversal on the 5 minute and 15 minute timeframes.
Two previous buy areas have been broken over the past couple of days. The price broke through the first area in the early hours of yesterday morning after a small reversal (red arrow) took place, which was to be expected anyway, since the area wasn't that strong. The area found below, which I thought would cause a reversal back up to the highs, was also broken, but only after three smaller reversals took place (blue arrows)
After breaking through the area the price fell into the area below, which is what it's reacting to now.
This area has a better chance of causing the price to reverse than the two areas above due to it being located at the last point where big money traders and investors bought a lot of Etherium.
As mentioned, a large reversal candlestick (black arrow) has just formed upon the price reaching the area, which could be a sign the price might reverse in the next few hours or later on tonight.
For now, keep an eye on the area and watch for signs of a reversal on the 5 minute and 15 minute timeframes.