ETHUSD is at a major inflection point. Price has been winding up inside of a massive inside bar pattern for almost a week now (there are now 5 child candles inside of the mother candle). When such a large inside bar setup forms the breakout is usually quite aggressive. The big question on the table is, will this break up or down... Putting all of the facts on the tab: bullish long-term trend, bearish medium term trend, bearish weekly close, neutral inside bar setup. I think the scales tip slightly in favor of a break downwards, but in the absence of some very clear cut price action, there is nothing on the charts to give me strong conviction one way or the other.
I think the daily close will be important. In my opinion, any close below 224 could be seen as further bearishness but a close above 225 could be seen as bullish. The reason is that there is a fairly clear trendline resistance level in the 224-225 region.
I will likely not make any drastic changes to my position but may take some risk of the board pending bearish intraday or daily price action.
I think the daily close will be important. In my opinion, any close below 224 could be seen as further bearishness but a close above 225 could be seen as bullish. The reason is that there is a fairly clear trendline resistance level in the 224-225 region.
I will likely not make any drastic changes to my position but may take some risk of the board pending bearish intraday or daily price action.
