ETH double bottom with bullish potential
If you followed my last review, which I posted on May 6th and kept on filling with new forecasts till yesterday, you could have made a fortune =) Predicted bottom almost 100% precise.
Now that the bottom is formed, time to consolidate and grow. And today I saw news, saying VISA filed an application to create digital currencies with the United States Patent and Trademark Office, citing #Ethereum as the possible network. So that is very bullish for ETH.
As I wrote yesterday, if ETH fail to grow above 22000, it may form a consolidation channel between ~20700 and 22000. In this case buy longs from 20700-21050 support zone. That is one of possible scenarios.
Another scenario is ultra bullish - ETH price bounce from 21800 support and continue growth. Not the safest long entries here, but its a bull flag until it proves the opposite, so with cautious approach not a sin =)
Some additional charts. Below is day chart with Ichimoku Cloud. As you can see, its not yet bullish. In fact, very dangerous. But that cloud above act like magnet, so price will be attracted to it until its form change. That also means that here we have a potential double bottom, but since we don't see higher low yet, its early to celebrate the bull run. So as I said, safer entries are from 207-210 zone. Anything above is a risky approach catching breakout that might not happen.
Now that the bottom is formed, time to consolidate and grow. And today I saw news, saying VISA filed an application to create digital currencies with the United States Patent and Trademark Office, citing #Ethereum as the possible network. So that is very bullish for ETH.
As I wrote yesterday, if ETH fail to grow above 22000, it may form a consolidation channel between ~20700 and 22000. In this case buy longs from 20700-21050 support zone. That is one of possible scenarios.
Another scenario is ultra bullish - ETH price bounce from 21800 support and continue growth. Not the safest long entries here, but its a bull flag until it proves the opposite, so with cautious approach not a sin =)
Some additional charts. Below is day chart with Ichimoku Cloud. As you can see, its not yet bullish. In fact, very dangerous. But that cloud above act like magnet, so price will be attracted to it until its form change. That also means that here we have a potential double bottom, but since we don't see higher low yet, its early to celebrate the bull run. So as I said, safer entries are from 207-210 zone. Anything above is a risky approach catching breakout that might not happen.
Comment:
Breakout done
Comment:
ETH wicked to 22794. Pullback to 22263 is inevitable. The only question is if it will happen now, or ETH will break 22600 resistance again and attack 23000 zone first. The way it look now I bet on pullback first.
Comment:
ETH got above 22600 resistance and hit 23000 ✅ Still grow strong and targets 23400-23600.
🎯 Resistance 23400 - 23600 - 23900
🛒 Support 23020 - 22600 - 22263
🎯 Resistance 23400 - 23600 - 23900
🛒 Support 23020 - 22600 - 22263
Comment:
📉 Ethereum chart update 📈
ETH got a lot of bullish fundamental signs while chart is still retracing after the first series of wave up. Good buy zones at 222 and 218 support zones 👍 Nearest targets will be 235 - 239.
🎯 Resistance 22700 - 23020 - 23400 - 23600
🛒 Support 22263 - 22000 - 21800 - 21400
ETH got a lot of bullish fundamental signs while chart is still retracing after the first series of wave up. Good buy zones at 222 and 218 support zones 👍 Nearest targets will be 235 - 239.
🎯 Resistance 22700 - 23020 - 23400 - 23600
🛒 Support 22263 - 22000 - 21800 - 21400
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