Ether is bullish again

22 ביולי 2016

The best stance for a technical analyst is to have none bias before a major news. The hard fork was such event that could present big surprises. Fortunately two days after the hard fork the facts shown on the chart are quite bullish. First we have a clear ABC pattern as correction since June 16 and second the price is forming an accelerating up trend. How high the price might go? If the resistance at $16 level is broken then we can expect a test of the historical top. If the trend keeps the recent momentum this scenario might unfold within several weeks. A breach below 10.92 will neglect the scenario for a sharp rise and I will have to reassess the situation.