ethhunter
Long

ETH Bulls are back, but the bears are stubborn ! Next move ?

BITSTAMP:ETHEUR   Ethereum / Euro
Hello everyone !

Looks like I'm on a streak right now, made some good decisions lately and I'm really feeling the market, I Hope that i helped someone with my ideas. :)

So whats the next move?
Right now we have established a uptrend channel that still is valid, though while i was charting out everything i saw that there was an attempt to break the channel, as of now it's still valid. (You can see the thin wick of a bearish candle dropping out from it, as long as the wick is thin and not filled out this is a very bullish sign)

Since my last post we had a bullish divergence crossover, we had amazing volume that's gave us a leg to stand on, however, we are not running right now, but rather slowly creeping up to establish another, larger channel to move within.
Good thing is that I see support appearing all over the board, but the bears are very stubborn and trying to kick us down again, but my feeling is that we simply had enough now.

What' will happen next?

My gut says that bears will try to break this channel to force out liquidation on people that are keeping tight stops, and this may happen but I would not worry to much about it unless we move towards the mid or lower end of 500€,
but if that were to happen, it would signal that we are in a bull trap, however i would say that the bull trap already happened at when we went from 565 to 810€ -> then DROP all the way to my long target (green zone), a prediction i made in my earlier charts.

I have encircled the bullish zone we need to move inside, this current uptrend channel that we are moving within right now will prove us a entry to a much larger channel which will open up for a much wider uptrend.

Since i started my long i have moved up my stop loss, to right above 500€ to protect my profits.

Good luck trading
Trade ist aktiv: key target is 650€- to keep the bullish momentum, going sideways from there would make me very comfortable, going below 600 would make us a bit vurnable. Keeping my eyes peeled on out first real resistance zone 650.
Kommentar: Next 1-2 candles is the key to have a solid confirmation of a breakout
Kommentar: New idea, we may move sideways under this resistance point while building up support from below as we slowly build pressure, this would take time but is also the most logical approach since we are still recovering, but i would rather prefer to see a agressive push through this resistance and drop a bit than going sideways.
Trade ist aktiv: Uptrend channel broke from the very top, looking for a bounce at 595, 585 and last stop would be 550, if we hit 550 and dont bounce back to the first resistance zone and work through it, the target could be to verify double bottom at 450. The crossover is flat right now and the MACD is moving in neutral territory , which means we have lost some steam right now.
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