Ethereum ETHUSD Heading Towards a Double Bottom at $88-80
Updated
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Simple update on the earlier bearish scenario discussed with members across all our channels. Ethereum lost the support at $140 and extended further into the long-term falling wedge which is opening the door for a retest of the previous bottom at $88-80 for a double bottom. This is the level I will look to fully rebuy back in with a tight stoploss.
There is a possibility that we bottom a tad higher at $100-96 through an A&E as well but for now I would not worry about that until we get to that point.
Simple update on the earlier bearish scenario discussed with members across all our channels. Ethereum lost the support at $140 and extended further into the long-term falling wedge which is opening the door for a retest of the previous bottom at $88-80 for a double bottom. This is the level I will look to fully rebuy back in with a tight stoploss.
There is a possibility that we bottom a tad higher at $100-96 through an A&E as well but for now I would not worry about that until we get to that point.
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Note
As shown no differently than on the initial idea, Ethereum found support at $120-117 which is more or less the bottom of the less steeper falling wedge.Currently it is attempting to confirm a bull reversal of the entire bear trend from July 2019 by moving above the 1W resistance at $164-167 and hitting $175-178 target of the green IH&S.
Current bull reversal patterns considered for the bulls:
(1) Break out from the yellow falling wedge from July 2019 which has a bull target of $250-260
(2) Long-term 1D (Daily) A&E bull reversal at $80-117
(3) A mini IH&S bull reversal with target $175-178
Should the bulls fail to break the Weekly resistance at $165-167 and instead break down back to $131, then further consolidation would be needed lower above the $120-117 support until end of February or early March 2020 before another break out is attempted. Please note that the chance of a new bear trend develops to $88-80 is very very low currently.
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