Greetings,
As we can see on the 4 hour chart, ETH made a nice drop from overbought levels. I was hoping that it would be able to find the support on 220~ which was 0.382 retrace from this whole bullish impulse, and that we will enter into the 5th extended bullish wave that would bring ETH to 300$. But bears had different plan and took that support down, leaving ETH in the neutral zone at the moment. It is really important that ETH do not break below 200 which can mean retesting the bottom and potentially making lower lows.
Our goal is to find positive signals and good R/R for the next trade. Currently all eyes are set on the Bitcoin and it's triangle, even minimum BTC price movements are felt strong in the alts.
In our last idea we saw that ETH had some room for upwards movement, and that played nicely. Since we are not shorting 10 months bear market we are waiting for the next bullish signals.
Stay patient and trade safely.
As we can see on the 4 hour chart, ETH made a nice drop from overbought levels. I was hoping that it would be able to find the support on 220~ which was 0.382 retrace from this whole bullish impulse, and that we will enter into the 5th extended bullish wave that would bring ETH to 300$. But bears had different plan and took that support down, leaving ETH in the neutral zone at the moment. It is really important that ETH do not break below 200 which can mean retesting the bottom and potentially making lower lows.
Our goal is to find positive signals and good R/R for the next trade. Currently all eyes are set on the Bitcoin and it's triangle, even minimum BTC price movements are felt strong in the alts.
In our last idea we saw that ETH had some room for upwards movement, and that played nicely. Since we are not shorting 10 months bear market we are waiting for the next bullish signals.
Stay patient and trade safely.
Bullish support for ETH around 220