ETH/USD had finally broke out the long term downtrend line since 9 Jul and closes at price of 178.6. Price had found its support at price of 175 on 26 Oct during price correction, which is now also above the trend line.
Notice also that the price had formed higher higher and higher low, indicating market players are now bullish and willing to buy ETH/USD at higher price.
I would like to see the following price action setup(s) to confirm a higher probability of continuous uptrend and entry:
1. To see a continuous gradual form of Higher High and Higher Low forming and eventually breaking out price of 198.6. Double bottom reversal have been fully formed, which is also a potential sign of price going uptrend. Price may potentially reaches 234.0.
2. Do avoid immediate entry if price does breakout 198.6, which may be a false breakout. I would like to see price corrects itself back to 198.7, forms a continuation pattern (i.e. flag or triangle) and look for price entry upon breakout.
Overview
Bullish view as price may had potentially reaches its bottom and there is way much more room for price to go uptrend at current based on Daily chart.
Feel free to Share your thoughts, ideas about the market under the chart below.
Please do Like it if you agree with this analysis. This will be the best feedback and encouragement for me!
Best Regards & Good trading!
Leo_X
Notice also that the price had formed higher higher and higher low, indicating market players are now bullish and willing to buy ETH/USD at higher price.
I would like to see the following price action setup(s) to confirm a higher probability of continuous uptrend and entry:
1. To see a continuous gradual form of Higher High and Higher Low forming and eventually breaking out price of 198.6. Double bottom reversal have been fully formed, which is also a potential sign of price going uptrend. Price may potentially reaches 234.0.
2. Do avoid immediate entry if price does breakout 198.6, which may be a false breakout. I would like to see price corrects itself back to 198.7, forms a continuation pattern (i.e. flag or triangle) and look for price entry upon breakout.
Overview
Bullish view as price may had potentially reaches its bottom and there is way much more room for price to go uptrend at current based on Daily chart.
Feel free to Share your thoughts, ideas about the market under the chart below.
Please do Like it if you agree with this analysis. This will be the best feedback and encouragement for me!
Best Regards & Good trading!
Leo_X