The MASSIVE Bullish Rally
In our 01/12/18 Update we saw a HUGE rally from the 900 Price point all the way to $1,400 in just a few days. Price didn’t even hesitate until it reached the all-time high, and that is where we saw a possible correction form in the triangle formation, combining the supply zone right under the $1,400 price point and the rising trend line. This presented an interesting opportunity for a reaction point either way, but a hard decision in terms of direction.
The trend line has gone on for so long and is so steep, it’s due for a correction at some point. While its difficult to grasp the fact that it might be in your best interest to short ETH in the short term, the momentum we’ve seen in this coin has been astronomical - thus the dilemma.
Resistance Found @ $1,400
While the bulls hoped the trend continued, price found a very hard resistance structure at the $1,400 level, testing it twice with 2 very solid rallies looking for a breakout. However, momentum dwindled and we are now in a position of price testing the lower levels at $1,200 and $1,100 respectively, most likely creating a channel pattern and seeing price correct a little after reaching higher highs.
There is an opportunity for a short position in the interim to test the next major demand zone. A very strong set of bearish candles have formed - giving the indication that price will most likely test that area before bouncing back towards the $1,400 structure.
What are your thoughts?
Can not believe 1400$
It's just going to get better!!
Right now we're seeing a correction that we should have known it was coming. A steep rising rally to a major psychological resistance @ $1,400, which tested twice.
Now i'm waiting for some more buy opportunities at @ $1,100
@originalworks
Do you think the resistance will hold at 1400? I think there is a chance that ethereum could continue to rally as it is now being extensively to buy new icos. I am not sure if 1400 will be a resistance for long once the market stabilizes a bit.
It will test the $1,400 but eventually I believe price will eventually break that level. At this point there has been too much upside momentum that eventually it had to correct before making another rally.
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