$ETH - price action growing more bearish now...
#ETH #UPDATE - After that great bounce off 198 we unsurprsingly rejected the first go at getting back over 215 although gave a great entry at 207 retest from my last post. This little wave is now correcting and we are at the 50% fib level riding the outside of my dubious looking channel! Being unable to break 215 was one thing, however falling back much further now would be concerning for bulls.
I had a closer look and there are still a couple of missed retests below for the short term. We have now spent nearly a month ranging and holding this level with slightly higher lows, so we need a break up soon - another retest of the 190s will likely mean a fall to the longer term missed level at 175.
You can see the black lines which form what I consider the range, and the rejection just above 215 was right off the median of that channel too. We do have decreasing sell volume on this last down stretch so may see a bounce soon and where that can get to is critical now.
For me this is a no trade zone for the moment but I am starting to think the bears could win here.
I had a closer look and there are still a couple of missed retests below for the short term. We have now spent nearly a month ranging and holding this level with slightly higher lows, so we need a break up soon - another retest of the 190s will likely mean a fall to the longer term missed level at 175.
You can see the black lines which form what I consider the range, and the rejection just above 215 was right off the median of that channel too. We do have decreasing sell volume on this last down stretch so may see a bounce soon and where that can get to is critical now.
For me this is a no trade zone for the moment but I am starting to think the bears could win here.
Come say hi @elisa_crypto on twitter!
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