After bouncing off the bottom of its long term channel on 30 April and breaking above the resistance at 157, Ethereum has continued on to test the top of the same channel for the third time, reaching a new recent high of 207. While I am not looking to play ETH at the moment, this development must be analysed to assess future potential price entries and stay up to date with price movements.
To be quite frank, if we trend down to the lower bound of the channel again, I may look to open up a long, depending on other indicators and factors. Given the harsh rejection of those massive wicks in the past two daily candles, a retest of the lower bound of the channel is seemingly likely. Until then, I will be waiting on the sidelines..
If you managed to catch the bounce at the 150ish level, and took profit at the top (so obvious in hindsight) then hats off to you. We will see where the next week takes us. I would advise most people to stay in fiat for the time being as next week isn't looking like it will be very bullish at this stage.
Stay on your toes.
To be quite frank, if we trend down to the lower bound of the channel again, I may look to open up a long, depending on other indicators and factors. Given the harsh rejection of those massive wicks in the past two daily candles, a retest of the lower bound of the channel is seemingly likely. Until then, I will be waiting on the sidelines..
If you managed to catch the bounce at the 150ish level, and took profit at the top (so obvious in hindsight) then hats off to you. We will see where the next week takes us. I would advise most people to stay in fiat for the time being as next week isn't looking like it will be very bullish at this stage.
Stay on your toes.
Comment:
Forgot to mention that we may see support at the 175-180 levels, depending on the velocity of Bitcoin. Though I still expect a retrace to the channel support.
