$ETH #Ethereum - Quick TA - Day Trader Explains

Hello Lads and Ladies,

Let's get a quick TA down on Ethereum.

We can see here very well that Ethereum is quite weak and has been very weak in the latest drops, even made an unexpected low of $115.

Right now, likewise to the Bitcoin TA, we are basically in a bear flag or even a falling wedge and it is not looking bullish.
We can see that we have a strong support at 120$ but breaking it significantly, is really making me unsure of bounce here.
The broken support simply needs a close below it and its dropping again.
So, technically we have once again the situation.

4h
Bearish market structure -> short
Broken support -> short
Weak $ETH in a lot of trouble lately -> short
Momentum indecisive but nowhere near a long yet. -> short
StochRSI is above middle, very thin apart and in short mode, little drop and it opens up again. -> short
OVERALL -> SHORT

SL?

Close above orange line. -> Invalidation then.

TP?

Basically every 5$, if you want to be sure, make it every 3$.

Some hopium?

Expecting a big big bounce for Ethereum. It might be at the tip of the MS at 106$ I rather plan 100$ for the bounce.
Also have an order at 90$ for my long term Bitmex hold blockfolio.. would be juicy.



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