ETHUSD That's a Buy

Looking at Bitfinex's 4H ETHUSD market - which has stabilized again after our most recent bout of tether FUD - price has risen above all previous major resistance, turned support. It fell below its uptrend line on 10/29 and bounced on a throwback to the downtrend line on 11/03 leading to its jump through the uptrend line on high volume, suggesting strong buy support. It continued up and is now on top of all resistance turned support, with momentum slowly shifting to the buy side in the past couple days.

1) Price is on top of 4H 200 EMA/MA
2) Price is on top of recent uptrend line, converging with 200 period moving averages.

These 200 moving averages are extremely important relative to price because price hasn't held above them for this long since the beginning of last April, right after I called the huge run up that we were in the middle of.



P.S I use Bitfinex for charting because it is the most liquid ETHUSD market.

Trade stängt manuellt:

Evidently, this analysis turned out quite wrong, lets use this as an excellent learning opportunity, as even the strongest setups (as this would qualify in my mind - the convergence of multiple signs of strength: month long trend line, 4H 200 MA support, bullish volume/candlestick) can bite the dust.
Shown in this picture is a synopsis of what happened
1) the initial trend line break, invalidating idea and putting me on watch to close
2) the throwback for strength before continuing which would be the last opportunity to close/switch position if suitable.

Feel free to share your thoughts, I'm interested to see if/how anybody else foresaw this break down.