ETHUSD update: This market is poised to rally. The break of the 443 previous candle high was a long trigger. I am not calling any trade ideas on here because that is what S.C. is for, but I will highlight the potential.
Price went as low as 405 which looked ugly, but the key is how the candle closes. This candle that established the low closed strong, and it this materialized off of the 423 reversal zone boundary. A bullish sign to say the least.
I have been writing on S.C., that these markets are bottoming, but it takes time and a lot of patience. The structure and location have been weighing probability on the side of strength, even in the face of the recent bearish price action.
The current low of 405 is not dramatically lower than the recent 450 swing low. Along with that, all of this price action is still occurring well above the 374 historical low. This sums up to a broad higher low formation and BTC is doing the same thing basically.
If these markets rally, a short term expectation is at least the 490s for this market. That is a conservative view since the short term bearish structures are still intact and must be considered until they are taken out.
In summary, broader structure and location are panting a picture of reward/risk that is skewed toward the bullish side across these markets. The bearish structures that are still in play suggest conservative expectations would be most appropriate for size, target and stop.
Remember that market bottoms are a process and take time to develop. In that process lows can be tested and retested before any meaningful progress on the long side unfolds. Any new swing trade long ideas that we take on S.C., will be shared with our followers.
I guess the immediate downtren line for BTC broke and there is one more trend line way above near 7800-8000 range and 200 ema at 8100.
This looks a breakout from the immediate downward trendline for BTC
sovitt
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thanks marc ..we love your analysis and support
Peymana71
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My new weakly BTC Realtime is out
Peymana71
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New ETH analyse wuth very bullish outlook
NataRaya
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Thanks, Mark for your very valuable posts. Although I would wish ETH to go straight to USD 740,00+, I am affraid a deeper correction (at least to USD 374,00-) will be made before that, because there is obviously not enough stenght accumulated, without any additional trigger, of course.
I wish you the best possible decision in trading,
and lots of fun.
Regards,
Nataraya
Eoma
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so swing trade possible @ 450~ with stop/TP at 490. Still Bearish market so buy back when it hits/drops below 374 levels ?
This looks a breakout from the immediate downward trendline for BTC