Ethereum ETHUSD Heading Towards a Double Bottom at $88-80

17 בדצמ׳ 2019

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Simple update on the earlier bearish scenario discussed with members across all our channels. Ethereum lost the support at $140 and extended further into the long-term falling wedge which is opening the door for a retest of the previous bottom at $88-80 for a double bottom. This is the level I will look to fully rebuy back in with a tight stoploss.

There is a possibility that we bottom a tad higher at $100-96 through an A&E as well but for now I would not worry about that until we get to that point.

17 בדצמ׳ 2019

עסקה פעילה

13 בינו׳ 2020

הערה

As shown no differently than on the initial idea, Ethereum found support at $120-117 which is more or less the bottom of the less steeper falling wedge.

Currently it is attempting to confirm a bull reversal of the entire bear trend from July 2019 by moving above the 1W resistance at $164-167 and hitting $175-178 target of the green IH&S.

Current bull reversal patterns considered for the bulls:
(1) Break out from the yellow falling wedge from July 2019 which has a bull target of $250-260
(2) Long-term 1D (Daily) A&E bull reversal at $80-117
(3) A mini IH&S bull reversal with target $175-178

Should the bulls fail to break the Weekly resistance at $165-167 and instead break down back to $131, then further consolidation would be needed lower above the $120-117 support until end of February or early March 2020 before another break out is attempted. Please note that the chance of a new bear trend develops to $88-80 is very very low currently.