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MarcPMarkets
30. Jun. 2017 05:05

ETHUSD 15 Minute Double Bottom: Waiting For Bullish Reversal. Long

Ethereum / DollarBitfinex

Beschreibung

Look at this interesting double bottom formation on the 15 minute. This nicely formed reversal pattern came off of an old resistance/new support area of 278 which overlaps with the .382 of the recent upward swing from 205 to 318. Within the context of a major bullish trend, these signs point to continued strength. The most recent minor upward swing is sitting just under a minor resistance area which is likely to break in this scenario, but I would not take a trade at the top of a swing. A more conservative entry would be on a pullback to the nearest support around the 282 area. Watch for a reversal candle off this price area for the signal (and it has to close). An alternate bullish reversal can also occur in this area as a smaller double bottom. If a long signal triggers, potential targets are 295 (conservative) and 305 (aggressive). A break below 275 would negate this trade and is a good point to measure risk from. Assuming a long from 284 (give or take) your first target offer 1:1 while your second target offers 2:1. Not bad for day trading returns. Keep in mind this thing is strong, it is very possible for ETH to continue beyond. Let's see how it plays out.
Kommentare
GucciBuddha
Nice..
MarcPMarkets
@Josh Wollman, Thanks Josh.
georgcantor
Further forecasts? This was very impressive, most cryptos are pinned to ETH at the moment so any ETH analysis is welcome!
MarcPMarkets
@georgcantor, Working on it George. Stay on the lookout.
Coin-operated
Nailed it. Solid TA!
MarcPMarkets
@Coin-operated, Hehe thanks. Love these, price doesn't lie. This one was so clear.
Stickyftx
welcome back
MarcPMarkets
@StickyCheeba, Thanks you. It's nice to be back.
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