On my previous post I explained why I think the 200$ was the bottom on the etherium/USDT(and the bottom of the whole cryptocurrency crash).
Just a few moments ago a double bottom occurred and got confirmed with a uptrendline confirmation.
He broke out of the purple downtrend and now uses that line as a support line which got confirmed together with the stable bottom on the 200$ level.
This was the second try for the bearmarket to break below the 200$ support level.
The support level was stable and did built a double bottom with much trading volume. This is a strong reversal sign.
If you want a more safe signal then take the neck line which is at 258$ on poloniex chart.
If he goes above the line and closes the 1h candlestick above it. Then that is a even stronger confirmation for the reversal.
This is all my personal analysis and my opinion of the market. I am interested in your opinions and your analysis about the current market situation. Leave a comment and a upvote if you like or if you have any suggestions let me know.
have a nice week guys
I keep looking for reasons as to why we might be nearing the bottom. There's rumours all over Reddit of an EEA announcement on the 30th June. I'm expecting that if we haven't started the climb back up, the release of that info will be the catalyst.
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i also think the reversal will be backed up by good fundamental news. which will turn the bear market into a bull market.. but i seriously think that the reversal is just happening.. the double bottom is very solide and backs my previous analysis.
I think if not much is missing for a big move up. its always the case...
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