I do not believe ETHUSD ever left a long-term bull market, but experienced a large retracement within its macro bull trend. The last fews days became very interesting when watching the 1-Day Chart because we had been smoothly coasting in an ascending channel since the bull run initiated ~$6.00, but teetered close to dropping out as we testing the support line.
Two critical conditions met at the exact same time in which the market rebounded to confirm continuation of a long-term bull market.
-- The price bounced off the Ascending Channel Support Line
-- The price bounced off the 50% Fibonacci Retracement Line
Also, to help confirm a reversal of our retracement are a pair of Tweezer Bottom Dojis that may help determine the end of a downtrend.
We are now healthily back within our long-term ascending channel and running a Fibonacci Extension using ATH -1.06% and the bottom of the retracement sets a current target price ~$550 that I hope to be reached by the end of July 2017.
Two critical conditions met at the exact same time in which the market rebounded to confirm continuation of a long-term bull market.
-- The price bounced off the Ascending Channel Support Line
-- The price bounced off the 50% Fibonacci Retracement Line
Also, to help confirm a reversal of our retracement are a pair of Tweezer Bottom Dojis that may help determine the end of a downtrend.
We are now healthily back within our long-term ascending channel and running a Fibonacci Extension using ATH -1.06% and the bottom of the retracement sets a current target price ~$550 that I hope to be reached by the end of July 2017.