Last night after getting back from dinner I check on crypto and saw the reversal candles on the hourly chart after the mini flash crash where ETH price dumped 200 points in a 2 hour span.
Following that dump there were several long bottom tailed candles as the buyers fought back and did not allow the sellers to take price lower.
Looking at the chart you can see the highlighted area that I am referring too. I should my buddy @gualterameralo this and he decided to jump in long.
Price was at 1720 at the time and the downside risk was the lower wick at 1600, so 120 points on the downside.
The upside target is the last high of 1830, at least that is the most immediate target. You know I won't jump in trades that don't have a clear 2 to 1 risk/reward of better so I passed.
My buddy decided to take a shot with what is an even money trade, loving the reversal candles stacked on the hourly.
This morning we see price did rebound to that upside target. He took his money and at this time ETH is taking a breather.
Now we wait to see if price will turn back down or make a run back toward the all time highs.
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