ETH within a descending triangle pattern. Watching for a break.

ETHUSD (Bitmex) is currently looking very bearish. We are within a descending triangle pattern, trading below the 10/20/50/100/200 day moving averages, and we are below the 0.5 fib level (indicating the sell-side is in control.) I am not seeing anything bullish about ETH as it stands. A break above and a close above 121 would change my bearish stance at least for the short term. I am watching the .786 fib level around $97-98 as a possible target area for the price to drop to, but I wouldn't be surprised in the least to see a flush break all the way down to retest the yearly lows around $80. A lot of this will depend on whether or not Bitcoin can hold its 200 week moving average around 3250-3300.

Moving average guide:
10 MA in Orange
20 MA in Pink
50 MA in Green
100 MA in Yellow
200 MA in Red

Strong resistance: 118-121.

Target's if the price breaks down: 97-98, and 80.

-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk.

If my post was helpful, and you'd like to support me and my technical analysis, donations are very much appreciated:

BTC: 3JA2z6FkxDhEHo5ncMEHHGLx78dzzwC1KH

ETH: 0x61DF878e5436530122f1A303e095dBd344502228

LTC: MVDbAhm2yoyCzeRnayMN61oZp75MZ5SZVj

Many thanks! :)

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Closer up view of the descending triangle:

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Getting very close to our first target zone around 97-98:

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Price came to 100.55, but still hasn't hit our target yet. This bounce up looks like a relief rally, and I do not think it will sustain for very long:

Trade closed manually:

Closing as BTC is nearing its 200 weekly moving average and could look for a bounce soon. Couple of other factors go into my decision to close this trade, but I won't go into too much detail.