Looking at the 30mins graph, we see ETH has stepped out the bloody downtrend and go sideways in the past 3 days.
We can see the price movement and the volume is very likely follows the Wyckoff Accumulation model here and especially we see a beautiful bounce from the springboard.
Is this a true base accumulation for reversal or re-distribution for further down run, nobody knows for 100% sure, But I take the bullish side, for 2 reasons:
1. we see several quick nice bounces from the bottom of the swing range which indicate that smart money is getting in those price areas.
2. the Green line, a very long-term support generated from all the way back from Nov 2017 is exactly locating right below our bottom of the swing range.
So I think now is a good place to accumulate the cheap ETH, but a safer play is waiting for the breakout of the upside($417) of the sideways channel for a confirmation.
However if we break the bottom here, we are facing the abyss, all the way down to $200
We can see the price movement and the volume is very likely follows the Wyckoff Accumulation model here and especially we see a beautiful bounce from the springboard.
Is this a true base accumulation for reversal or re-distribution for further down run, nobody knows for 100% sure, But I take the bullish side, for 2 reasons:
1. we see several quick nice bounces from the bottom of the swing range which indicate that smart money is getting in those price areas.
2. the Green line, a very long-term support generated from all the way back from Nov 2017 is exactly locating right below our bottom of the swing range.
So I think now is a good place to accumulate the cheap ETH, but a safer play is waiting for the breakout of the upside($417) of the sideways channel for a confirmation.
However if we break the bottom here, we are facing the abyss, all the way down to $200