A New Leaf

Ever since Ethereum hit its all time high of $409 back in early June, the market has been in what has seemed a never ending downward run.
Just recently Ethereum has broken the final trendline which has been keeping it within the bearish market.

In order for ETH to maintain itself above the bearish trendline, it must first break the previous short term high of $241.
This mark here will confirm that the bearish trend has ended, and will then be able to venture for new highs.

IF ETH fails to break $241, Ethereum will likely continue its downward run by forming new bearish trendline(s) that it will then have to break in order to reach new highs at a later date.

As we all know Aug 1st is here, this means the market will likely be highly unpredicable for a short while. Extra caution will be needed.

I wish you all luck!

تعليق:

Upcoming Position!
Typically you would be very bullish in this position, however ETH has veered from the gradual trendline with its' sudden surge up.. Meaning this could go either way.
Wait for a break of the pennant in either direction to place you long or short!
I know I say this a lot, but please always wait for confirmation!
Wish you all luck!

تم فتح الصفقة:

Sorry for the late update.
Looking like $330 will be our next stop

تعليق:

If you are not in this trade yet, wait for a break of the $318 level.
There is still a chance it could retrace before breaking through.
Good Luck!