ETH Bollinger Squeeze - up or down?

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
The narrowing of the Bollinger Bands on Ethereum suggests another larger move should occur soon.

The primary trend is still down, the price has just rejected the 50 -day EMA (twice) and it is now breaking support provided by the recent trendline – all suggesting the next move is down.

However, it’s worth considering the possibility of a rally if the price finds support between the lower band (around $198) and the well supported low at
$192. Dramatic Bollinger band squeezes often begin with a tag of the opposite band – as we saw in early September when the price tagged the upper band before falling sharply. Will be watching price action and volume carefully in this area.

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