Too close to bottom !! - ETH/USDT
The reversal we had seen it's not a strong reversal in my opinion, I have two reasons to prove :
1) The volume : It's not high enough to break that resistance
2) The reversal candlestick pattern formed at $2152 is not a strong indication for trend reversal .... cause the formation is not sufficient to say it as bullish piercing pattern nor morning star and more over you can call it as hammer but it's not formed at the lowest low to consider it as strong bullish reversal and I can validate it only iff high volume comes into play.
As of now bulls unable to hold it slowly the momentum is changing towards bears, it's not perfect bottom to be called out...i once again need to validate this
To validate this i consider two scenarios :
1) if high volume comes into play there is chance of flipping the resistance to support which will be a good indication that bulls are taking lead
2) Even if it comes down.....if it responds to it's previous low support and bounce with high volume
As of now $1738 is likely to be the next support and also crucial one which also may be the bottom......All we want is high volume.
1) The volume : It's not high enough to break that resistance
2) The reversal candlestick pattern formed at $2152 is not a strong indication for trend reversal .... cause the formation is not sufficient to say it as bullish piercing pattern nor morning star and more over you can call it as hammer but it's not formed at the lowest low to consider it as strong bullish reversal and I can validate it only iff high volume comes into play.
As of now bulls unable to hold it slowly the momentum is changing towards bears, it's not perfect bottom to be called out...i once again need to validate this
To validate this i consider two scenarios :
1) if high volume comes into play there is chance of flipping the resistance to support which will be a good indication that bulls are taking lead
2) Even if it comes down.....if it responds to it's previous low support and bounce with high volume
As of now $1738 is likely to be the next support and also crucial one which also may be the bottom......All we want is high volume.
Comment:
If it breaks that $2546 with high volume....happy it's a bullish signal, but if it breaks all we have to wait is for retest the $2410 level to confirm the bulllish movement.
Trade closed: target reached