What's up traders, I hope you're all having a good trading week.
Let's analyze ETH/USD on the 4H chart.
When analyzing this chart, it is clear that price has been falling hard since the 21st May, when it crossed below all the major moving averages and confirmed technical downtrend. On the 28th May, there was some nice upside after a big rejection candle showed some buying presence. This looked good until just now where we have hit the 50 moving average.
Bitcoin looks as though it will be hit as a resistance and a downside correction will take place. There is no real sensible area to be a buyer right now in this technical position so logic suggests we are going down. The levels to watch for a possible upside bounce are the 533.60's level (Minor structure historical support), and 431 (Historical low, horizontal support, and coinciding long term side-wards support.
As you can see from the chart, to get a buy opportunity at 431 would be brilliant, because there is so much support here that it's so unlikely to be broken. But as someone who needs to be realistic, I believe it very unlikely it will get this low, anytime soon anyway.
I will update this analysis when I receive above 40 likes.