In my last Ethereum post I discussed the possibility of an upward breakout due to the bullish pennant that was forming on the daily chart of Ethereum. My bias was an upward break, as Ethereum remains in a strong uptrend. I had also noted how five tests of the $310 level had held as support.
However
That may not have been enough... In yesterday's trading session Ethereum failed at the $310 level and sold off to a low of $287. The $310 level was quickly recovered, but as of this post we are back down to $320.
Important: One of the things I should note about yesterday's action is that we did note close below $310, meaning the support is still intact. In fact, it was strongly rejected.
Given these developments a close eye must be kept on Ethereum. A significant break and close below $310 could call for an adjustment to the long call.
Notes on chart.
TN Trader
Thanx and keep it up!
Thank you!