EmpowerTrader
Short

ETH Big Flush Coming

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Ethereum 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 and volatility 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.

Trade Step-ups:

Bearish Reversal: Price rejects a breakout from the current bearish trend . Profit levels to look for are 170.00 & 155.00.

Bullish Breakout: Price breaks current bearish trend , look for consolidation above 212.00.
nice flush
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