It seems like many analysts have all of a sudden turned bullish after the wick down yesterday was eaten up with demand. However, in my view, nothing has changed. We are still in the descending channel, and there is no reason to bet against the trend without reasonable evidence.
The price is being squeezed and decision time is coming very soon. I will feel much more confident saying I am bullish if ETH can break out of this descending wedge and bounce of the critical support with some volume. Otherwise, we might be looking at another lower low in this current descending wedge.
The same goes for BTC. We are still in descending channel, while LTC has managed to break out of its descending wedge with VERY weak volume, which is not a great sign. A strong breakout of these levels on ETHUSD or BTCUSD will favor the bulls.
Good luck everybody!
-Baylor
The price is being squeezed and decision time is coming very soon. I will feel much more confident saying I am bullish if ETH can break out of this descending wedge and bounce of the critical support with some volume. Otherwise, we might be looking at another lower low in this current descending wedge.
The same goes for BTC. We are still in descending channel, while LTC has managed to break out of its descending wedge with VERY weak volume, which is not a great sign. A strong breakout of these levels on ETHUSD or BTCUSD will favor the bulls.
Good luck everybody!
-Baylor
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Entered long position on wedge breakout.