These rumors caused the recent rally; Ethereum's merge is Happening on September 19, 2022. If it works out, Ethereum's old protocol, Proof of work (like bitcoin), will be changed to proof of stakes (like Cardano & Solana).
Investors are reacting to the merged.
You can see a strong bull breakout on candle 1. breaking above the resistance level marked by red arrow a (bearish engulfing) & arrow b (Doji).
I have mentioned before; Bearish engulfing can act as resistance. So, whenSo, when the price closes above it (candle 1), we shall look for a buy setup.
However, candle 1 Breakout is too far from the base (blue line). Therefore the risk is higher. Therefore, Therefore, Therefore, I would not enter long on top of candle 1.
When I saw an inside bar (candle 2), this is a signal when the market is pulsing, which is also an excellent time to enter a long (green dot)
If you entered the green dot, you would have gained 13.97%.
Now candle no:3 is making another pulse, and it’s near resistance level at $1700. is it time to lock in some profit if you enter a green dot?
In my Short video above, I go into more detail on the recent Ethereum move based on wave analysis. WHY ETHEREUM IS NOT YET A BOTTOM and its target based on the classical chart patterns.
I believe this is not the bottom for crypto yet, as Bitcoin, the mother of all crypto still showing a bearish continuous move. (which I will cover in my next post).
I hope you enjoy this.
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