ETHUSD - Short Term Bearish Scenario is Playing Out
Updated
In this video I recap my analysis from yesterday talk about the next 2 or 3 most likely scenario's now that price has broken through the "red-zone support" that I outlined yesterday. The importance of identifying these scenario's is because these are the specific price levels that I will be watching for candlestick signals to form. If a specific candlestick pattern forms from one of these key levels, that will be the information I need to make my next trade decisions.
I have this market currently flagged as neutral, which means holding current positions and not taken on any new positions (either long or short) until the market produces a tradable candlestick signal.
I have this market currently flagged as neutral, which means holding current positions and not taken on any new positions (either long or short) until the market produces a tradable candlestick signal.
Note
It looks like ETH is playing out the scenario of heading straight to major support. This support zone resides in the 220-230 range. If price tags this area I will be watching closely for a bullish price pattern to signal that the market is ready to head higher again.
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