Reasons why I think these are the scenarios:
ETH/USD is in a clear cut downtrend but there is three hard forks including the Constantinople upgrade of the Etherium blockchain.
- ETH failed the break the again and bulls look a little exhausted.
- There is currently nothing to show in the TA there will be a breakout uptrend.
- May cause a new level of support if it break the trend.
- May cause more rapid sell-offs if there is a quick downtrend, some will have been buying for a while and take profit or panic sell.
- May be a complete anticlimax, or the forks may even devalue and dilute Ethereum market cap
- May cause amazing breakout against the trend as per the arrow above
MACD & Histogram heading down, as is volume.
Looking at a bounce down by around $5-$10 before bulls have another go at breaking (if they have another go), 3 clear attempts so far.
Ended up a clear cut shorting situation:
- MACD peaked - heading down
- Histogram peaked - heading down
- Volume steadily heading down
- Resistance at trendline
- No signs of support between $160-$166
We're still in a similar situation - looks bearish but I'm not getting greedy & closing the bulk of the position before re-evaluating.
Results here: https://twitter.com/StevenSlicer/status/...
Press play on this - really good experience.
I'm looking forward to watching this over the next two weeks.
Note: There's not much recent support until $118-120 though, which (if it holds) could become very good support,
Recently broke resistance at $120 twice then bounced off that once (resistance becoming support).