ETSY Long at key support level

Etsy is backtesting a massive historical level after springing above it following a false breakdown. The false breakdown also completed a bullish shark at the 886 on the weekly.

Full pattern and targets shown below.

Yorum:

Clear bearish backtest after the breakdown. We are now looking for two things.
1. A spring back above the level - Unlikely
2. A return to 60$ and hold as support

Until then the bearish backtest has given no reason to be in this asset. But it is key to follow the price action as the pattern is still there and valid. If one was holding this they could accumulate above 60 with a longer term target of 150$.

Yorum:

We sprung and backtested the level again - Trade is active from 75$. Same Stop Loss as before

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