ETH, Bull trap retest
Updated
I posted a few charts on ETH in my channel and a bit in my Bitcoin analysis here on TradingView as well. In short, i metioned that the retest of the breakout level has likely failed for ETH. On the right you can see why i think that. Because a week ago, it stayed well above the green zone, while this time it went quite a bit further. The retest 2 days ago around 176ish, should have been the low (yellow circle on the left). As we have seen today, it still bounces up quite big, but price comes back down again. So that's why i think it's a matter of time.
I have also drawn a channel, the one on the left, which looks to be real as well. I think my theory will get proven wrong, if the red zone around 180ish breaks. Otherwise, think it's a matter of time until we make a bigger drop. Where that up trend line will prob give support, but think it will create a lower high and will cause another big drop.
So up until 179/181 it's an easy bearish outlook for me for the coming weeks. For now, hanging at that channel support, so could see some upwards movement, but think it will all be short lived.
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Previous analysis:
I have also drawn a channel, the one on the left, which looks to be real as well. I think my theory will get proven wrong, if the red zone around 180ish breaks. Otherwise, think it's a matter of time until we make a bigger drop. Where that up trend line will prob give support, but think it will create a lower high and will cause another big drop.
So up until 179/181 it's an easy bearish outlook for me for the coming weeks. For now, hanging at that channel support, so could see some upwards movement, but think it will all be short lived.
Don't forget to like if you appreciate this :)
Previous analysis:
Note
Hmm, already broke that channel on the downside, bit too soon actually. Also because it has bounced right back up against the downside of it. Of course it could get rejected again, but if it goes back in, think that trend i added should be the max, which is around 175/6. If that breaks, things become random again. Note
Looks like that channel has become a bit random with price through it several times. That trend line did give a reaction though.Looks like we have a range now, support at 171.5 and resistance at 175
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