Strong double resistance broken, target 270 Long

Ethereum / DollarBitfinex

Description

⋅ Apr 8, 2019 6:25 AM

Last few days/weeks ETH lagged behind BTC because of two strong resistances.

Now these are both broken, ETH will likely play some price catch-up.

Target: 270

Back-ground to the resistance lines:

Comments

WhiteBassFisher

⋅ Apr 8, 2019 7:09 PM

what about those two big red volume bars?

micmuc

⋅ Apr 8, 2019 7:23 PM

@bobchen29

You mean April 3rd and 4th?

I'd call them opportunistic day traders that entered short positions und the assumption we were at a support that wouldn't brake. Once we truly break it and move towards 200 their shorts stop will provide extra fuel towards the 270..

WhiteBassFisher

⋅ Apr 8, 2019 7:48 PM

@micmuc, I meant the Feb 24th one and April 3rd one. Yeah, for the day traders or short term speculators, that's probably it.