ETH getting battered, but for how long?Hello and welcome to another ether hunting trip!
Unfortunately in my last analysis, I failed to spot the HS forming and I got stopped out at 680 and locked in some profits. I'm currently on the sidelines and reevaluating.
So where do we begin?
What do we know?
- We broke the downtrend channel.
- We have failed to sustain the outbreak and now are inside the downtrend area again.
- We reached 800€ before dropping to below 700.
What do we not know?
- Where is the market going? There are no clear indications except the obvious thing which is down right now.
I am waiting for another move either back up to 720 or down to the lower end of the minor support to get some more validation.
This could drop all the way down to the 450€ to confirm a double bottom.
I am not quite bearish yet, but I am not feeling particularly bullish either anymore, definitly tread with caution here.
Good luck :)