ETH Looking to break downtrend again!

Updated previous chart.
Crucial time for ETH now.
Looks like it will break outside the downtrend.
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LONG!

Resistance: 715~720
Support: 740~ (Stop Loss)
Entry: Now (or 720+ for confirmation)

Good Luck

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”A break outside the channel could indicate a extended correctional wave” this is especially true if 640 is penetrated which has acted as a very strong support in the upswing from the bottom, however a consolidation above 715-720 puts us in a very bullish situation, even if we don’t see a immediate run upward though it can be expected.

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Typo, support 640 :)

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We got rejected and have entered inside the downtrend channel again.
Let's see where this goes.

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Also, keep this in mind. I hope it does not materialize.

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We broke out, next stop 715-720

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725 hit :) reversal looking more real !

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Small prediction;

Topping out before next major resistance 730, good time to scalp some more, i see 719-720 next candle low, next bullish candle after that should keep applying pressure to 730.

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Looks like whale support appeared at 724 with 200 ETH buy wall, we are also forming another bullish flag. Second breakout should happen soon.

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Touched 719 as i mentioned, next candle is key to keep momentum, should start grinding towards 730 soon :)

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In the case of a break below 700 i will reconsider my position , lower than 695 will take us out from this channel.

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Red dotted line (previous resistance) is acting as support for now, good sign.
New analysis tonight.

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Bearish candle pushed us down to 709 area where the rally to 727 originated from, i would be a bit sceptical if we made a push down to 700... but im staying long until we break this channel.

ethhunter

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ethhunter