The orange horizontal is a major level for price to flip from a 2-year bear trend into a new bull cycle.
Which means... it needs to be tested.
The recent euphoric price breakout is a sign of things to come, but markets get nervous, traders take profits, and whales like to manipulate weak hands.
The longer-term chart structure looks strong for continuations to the upside, but there will always be swings and roundabouts.
The 4-hour chart shows an 11% drop back down to that major horizontal support level.
Consolidating here for some days would be healthy consolidation.
Bulls will be buying barrels of Eth around $382 if price does drop back down to that point.
You can optimise your trading plan using the current alpha version of SparksterSignals backtesting tool at algo.sparkster.me/
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
Which means... it needs to be tested.
The recent euphoric price breakout is a sign of things to come, but markets get nervous, traders take profits, and whales like to manipulate weak hands.
The longer-term chart structure looks strong for continuations to the upside, but there will always be swings and roundabouts.
The 4-hour chart shows an 11% drop back down to that major horizontal support level.
Consolidating here for some days would be healthy consolidation.
Bulls will be buying barrels of Eth around $382 if price does drop back down to that point.
You can optimise your trading plan using the current alpha version of SparksterSignals backtesting tool at algo.sparkster.me/
Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
Comment:
The drop to $382 happened and we can see that level acting as support so far.
