ETH will soon be defining a trend direction.
Real bull market confirmation soon.
a breakdown from tier 1 will confirm bear market.
a bull market will be confirmed if the tier 1 is supported, it has only been tested in direction twice thus far
real definition of a bull market is a market with 20% gains according to the definition , but really... ?
im thinking i might be wrong, we could be looking for a real reversal but until i get a real definition of the trend im out.
eth is leading btc and has had the highest compared to BTC (to itself historically).
short term im still .
This is a zoomed in picture at the original chart and the tier 1 trendline
We can see that bulls don't have the strength to break through right now
I wouln't say bulls are dead yet, we have still created higher highs and higher lows. Measuring the retracement from the largest leg my guess is that this is a change in the price structure and we will bounce at 122$ and go for a higher high (or we can call this a bull trap if we get no bounce there).
The RSI shows oversold conditions on the 4h timeframe.
If we can create a double bottom at .382 we will have a bullish divergence