price surged to final resistance level
on mid October. Since then price has been moving lower and lower from its high of 243.00 to 193.00. With volume
at a relatively low level (under ATR on the 1H chart), price is bound to make a sharp move soon. This is critical because a move to either side will strongly indicate how the market fundamentally feels about the current bearish trend
. On another note, look closely at the performance of China & emerging markets for correlation during risk aversion. So keep in mind that bad news coming out of China could hurt cryptos.
Price rejects a breakout from the current bearish trend
. Profit levels to look for are 170.00 & 155.00.
Price breaks current bearish trend
, look for consolidation above 212.00.