Since BTCUSD broke the logarithmic downtrend bullish sentiment has flooded the crypto market once again.
Confirming the trend reversal to avoid a potential bear trap.
ETHUSD saw first support on the 4hr 50ZMA and, more importantly, on the logarithmic downtrend line, which acted as resistance on BTCUSD on a previous bull trap. Seeing this line as support is very bullish.
Where do we go? Previous run stopped at the 0.5 level. We've seen some natural support/resistance levels around the $800-900 level, a bullish wedge breakout could bring ETHUSD back to those levels. Breaking through the downtrend could be bearish, especially if BTCUSD follows suit. Watching BTCUSD and ETHUSD closely to determine market direction next week or two.
Confirming the trend reversal to avoid a potential bear trap.
ETHUSD saw first support on the 4hr 50ZMA and, more importantly, on the logarithmic downtrend line, which acted as resistance on BTCUSD on a previous bull trap. Seeing this line as support is very bullish.
Where do we go? Previous run stopped at the 0.5 level. We've seen some natural support/resistance levels around the $800-900 level, a bullish wedge breakout could bring ETHUSD back to those levels. Breaking through the downtrend could be bearish, especially if BTCUSD follows suit. Watching BTCUSD and ETHUSD closely to determine market direction next week or two.
Comment:
touched on target level, could continue to hit mid/upper side of the box