ETHFI looking extremely promising

28 apr

There's no need of much indicators to see price action on ETHFI. There seems to be an inmense and obvious change of trend. Price triple bottomed between 3.20usd and 3.30usd and printed three massive green candles in 6h graph that broke an imporant resistance of an horizontal channel where the price was trapped in since 14th April and broke the diagonal resistance of the downward trend that started when the price at 8.6usd on the 27th of March. Bulls will place several orders between 3.7usd and 4usd that is the fibo retracement of the current price.

Let's see if the market helps ETHFI look for new highs.

2 mag

Nota

Yesterday BTC fell sharply to 56.5k finding some support there and now trying to bounce back. This brought blood to the ALTS including ETHFI, that suffered a major correction lower than the 0.786 fibo.

Usually I don't like these kind of price action because it could make the price need to accumulate a little bit more around the fibo before deciding if push higher.

I still really like the triple bottom and the change of structure by breaking the 4.2 USD resistance and printing a higher high and now a lower low. Our stop loss is safe enough for any shake of the market yet. I still feel short term bullish for this trade if BTC manages to keep the mood of the market positive.