ETHUSD; Morning star; bulls have to build to avoid 600
The market set a textbook morning star pattern (bottom signal) the previous 3 sessions but there are some sidenotes;
First, the pattern's context is not ideal; the previous downtrend is not very extended. Secondly, market touched the low end of the previous bullchannel and is backing off. But, the market corrected a healthy 38.2% and the RSI is around neutral again.
So, a bit unclear for now and one has to watch follow up action closely for more hints. Ideally, bulls should defend any dips toward the 685/670 support area. 715/720 sees first minor resistance on eventual bounces but if market can climb above again another run at 750 could be seen.
The longer bulls can keep market steady, the higher the chances this was a typical correction and a higher low is set, meaning a higher high lies ahead. Creating value below 685 (i.e. spending more time below) sees risk toward the 600 handle.
First, the pattern's context is not ideal; the previous downtrend is not very extended. Secondly, market touched the low end of the previous bullchannel and is backing off. But, the market corrected a healthy 38.2% and the RSI is around neutral again.
So, a bit unclear for now and one has to watch follow up action closely for more hints. Ideally, bulls should defend any dips toward the 685/670 support area. 715/720 sees first minor resistance on eventual bounces but if market can climb above again another run at 750 could be seen.
The longer bulls can keep market steady, the higher the chances this was a typical correction and a higher low is set, meaning a higher high lies ahead. Creating value below 685 (i.e. spending more time below) sees risk toward the 600 handle.
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