Long

ETH will define its trend

Updated

welcome to a ugly but informative chart.
ETH will soon be defining a trend direction.

Real bull market confirmation soon.
a breakdown from tier 1 trendline will confirm bear market.

a bull market will be confirmed if the tier 1 trendline is supported, it has only been tested in bullish direction twice thus far

real definition of a bull market is a market with 20% gains according to the definition , but really... ?

im thinking i might be wrong, we could be looking for a real reversal but until i get a real definition of the trend im out.

eth is leading btc and has had the highest volume compared to BTC (to itself historically).

short term im still bullish.

Note

little mistake on chart, red fractal pattern should be dropping from the 200's to the area where trend will be defined.

Note

Note

Falling toward trend gap bounce area that don't have a fractal. Green arrow. Trend condition time.

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support is struggling at the trend gap, if we will have a bounce it should be right here.

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I took a closer look at the hourly, and it looks like this:
This is a zoomed in picture at the original chart and the tier 1 trendline
We can see that bulls don't have the strength to break through right now

I wouln't say bulls are dead yet, we have still created higher highs and higher lows. Measuring the retracement from the largest leg my guess is that this is a change in the price structure and we will bounce at 122$ and go for a higher high (or we can call this a bull trap if we get no bounce there).

The RSI shows oversold conditions on the 4h timeframe.
If we can create a double bottom at .382 we will have a bullish divergence

Note

ETH was unable to reach my target of 200$ before the breakdown. In many of my posts i explained that this will happen, we'll ser a choppy downward wave now, weqk bounces and a prolonged bear market. 50-60$ ETH is expected.

ethhunter

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