ETH has posted four consecutive bullish candles, but still hasn’t reclaimed the opening price of the morning’s bearish candle.
On Binance ETH/USDT spot, the hourly candle from 05:00 to 06:00 Beijing time on October 18 opened at 2,421.56 and closed at 2,381.32 USDT. The next four full hourly candles, from 06:00 to 10:00, all closed higher, with the last one closing at 2,408.49.
It looks like four straight hours of gains, but in reality, price has only recovered about 67.5% of the previous bearish candle’s body. This compares the move from open to close and does not include the lower wick.
As of 10:43, the current price is 2,413.31, still below 2,421.56. For now, I see this move as a recovery following the decline. If a subsequent full hourly candle can close above that opening price, it would strengthen the case for a recovery, but four bullish candles alone are not enough to confirm a trend reversal.
Source: Binance public spot market data and closed 1-hour candles, captured at 10:43 on October 18.
https://data-api.binance.vision/api/v3/klines?symbol=ETHUSDT&interval=1h&limit=30
— Lin Yi, The Road to Freedom · Lin Yi Freedom Community
On Binance ETH/USDT spot, the hourly candle from 05:00 to 06:00 Beijing time on October 18 opened at 2,421.56 and closed at 2,381.32 USDT. The next four full hourly candles, from 06:00 to 10:00, all closed higher, with the last one closing at 2,408.49.
It looks like four straight hours of gains, but in reality, price has only recovered about 67.5% of the previous bearish candle’s body. This compares the move from open to close and does not include the lower wick.
As of 10:43, the current price is 2,413.31, still below 2,421.56. For now, I see this move as a recovery following the decline. If a subsequent full hourly candle can close above that opening price, it would strengthen the case for a recovery, but four bullish candles alone are not enough to confirm a trend reversal.
Source: Binance public spot market data and closed 1-hour candles, captured at 10:43 on October 18.
https://data-api.binance.vision/api/v3/klines?symbol=ETHUSDT&interval=1h&limit=30
— Lin Yi, The Road to Freedom · Lin Yi Freedom Community