Ethereum Bearish or Bullish?
During the last analysis, we accurately obtained the price objective of the falling wedge, which was 220, it took a lot of time for the move to develop, and once the price objective was hit, there was a pretty immediate drop to 155. It was mentioned in my most recent BTC analysis that the descending triangle was most likely to break out within days, and that if it broke to the downside, then it would bring the entire crypto market down. Well, the entire crypto market did shed approximately 40 billion dollars within hours. I did spot the head and shoulder at the price objective, however, I did not make a post on it, so I apologize for that. But here is my most current ETHUSD analysis.
The Chart:
The red rectangles are areas of resistance and the green rectangles are areas of support. In light blue, there is a descending broadening wedge which tend to favor a more bullish outcome. However, volume isn't the best to support that argument and in addition, there are only two touches for the top trendline. It can be said that the bottom trendline has been acting as support, so if there are any drops, the bottom of the trendline has been a good region to buy. After the most recent drop, price appears to be in a very tight rising channel, since the highest volume occurred on the drop and volume has been significantly less afterwards, this is most likely a bear flag. The price objective of this bear flag is approximately 136 which is noted by the magenta horizontal line. Another thing to note is that there is a rising trendline on the RSI, which has been maintained since the drop.
Price Action:
There are several price actions to look for the most bullish is if price would pop to the upper region of the channel and hug the top trendline of it, consolidating there before breaking to the upside possibly to consolidate around the top trendline of the broadening wedge. The most bearish would be if price has already begun to weaken and that 185 was the highest price point in the bear flag, this can be identified if price tries several attempts to break into the resistance level or if it distributes in that area. Another bearish scenario is if price increases to the resistance region and distributes there before dropping.
Previous analysis:
ETHBTC Analysis:
BTC Analysis:
The Chart:
The red rectangles are areas of resistance and the green rectangles are areas of support. In light blue, there is a descending broadening wedge which tend to favor a more bullish outcome. However, volume isn't the best to support that argument and in addition, there are only two touches for the top trendline. It can be said that the bottom trendline has been acting as support, so if there are any drops, the bottom of the trendline has been a good region to buy. After the most recent drop, price appears to be in a very tight rising channel, since the highest volume occurred on the drop and volume has been significantly less afterwards, this is most likely a bear flag. The price objective of this bear flag is approximately 136 which is noted by the magenta horizontal line. Another thing to note is that there is a rising trendline on the RSI, which has been maintained since the drop.
Price Action:
There are several price actions to look for the most bullish is if price would pop to the upper region of the channel and hug the top trendline of it, consolidating there before breaking to the upside possibly to consolidate around the top trendline of the broadening wedge. The most bearish would be if price has already begun to weaken and that 185 was the highest price point in the bear flag, this can be identified if price tries several attempts to break into the resistance level or if it distributes in that area. Another bearish scenario is if price increases to the resistance region and distributes there before dropping.
Previous analysis:
ETHBTC Analysis:
BTC Analysis:
Disclaimer
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