This point is good for a nice jump? why ? feeling.
At this point intersecate the lower line of the downward channel with an important support of the last bull run. Moreover the first correction from 1423 -764 = 659 dollars would be of a similar magnitude of this second fall 1263 -576= 687.
So for me around 576 is now the best point to buy Ethereum.
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The orange line is the resistance. blue line was always just a support. The first black line is the lower line of the positive channel that you can see on a previous charts
Now: If it break the line and find support on the black line it s a very good sign If it find support on the blue line we have to reevaluate the situation at each time. if it is rejected from the resistance a possible further downtrend is possible
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MACD have to cross to confirm bullish reversal
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We have to see now where it find support next time
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we still see some bullishism coming. Let see where it find support. next red line is a very strong resistence . I would aspect a retracement there and then it will try to retest again
i will check if a this intersection will retrace (Orange and Purple line)