ETHUSD - Bullish signs need confirmation

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
TL:DR - bullish signs appear at strong support levels, a close above $490 would give me confidence this is not another bull trap. Unfortunately volume is lacking to be confident in this positive price action. I expect range bound trading for the next 6+ months.

This is the ETHUSD chart with 1D candles. It's been a while since I have updated because until we break the short term dotted red downtrend line I don't see much room for Ethereum to move higher. Well in the last week we have seen promising signs of life. Ether bounced off the psychological low of $400( ish ) and didn't even come close to testing the possible double bottom level at $369. This has set us up for a potential higher low which would be bullish .

With that being said I do not think we have definitively set a higher low. Price is still well within the range of the dotted red downtrend line that has acted as resistance for the last 2 months. It is promising that we have penetrated it but I would like to see a definitive close above it before calling that resistance line vanquished. I would prefer a price a close at $490 or more, otherwise he may well see price decline again.

At this point I am max invested in Ether and cannot take any more long positions although I would like to. This does not mean price cannot go down as it certainly can. I also do not think we are going to new All-Time-Highs anytime soon. My expectation for the next 6 months is range bound trading with resistance at $730 and $800 and support at $400.

***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***


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