Wow the past couple of days have been of no contest, as if the Bulls went on vacation. Looking at the 4 Hr bar on ETHUSD, it's been sell off pause, sell off pause, etc. More importantly ETHUSD has broken the Long Term Ascending Trendline. Where can we go from here? In the very short term, we are experiencing a well needed bounce from severely oversold conditions but will it hold and materialize a bit of momentum? On another good note, BTCUSD futures for March have expired, perhaps there will be signs that the selling pressure will subside???
On the other hand ETHUSD has a lot of work to do. First there's a lot of resistance right now around the $410ish area. Followed by resistance around the $450ish area which would include the Long Term Ascending Trendline. After that, ETHUSD has the entire cloud to contest where the Long Term Descending Trendline has been grinding about. So in about 125$ band you have nothing but heavy resistance, it's as if it's a minefield.
In the short term, I still think that there's threat to the downside to which ETHUSD bounced off of the 360's support level; if it goes down and challenges that and breaks, 300ish here we come. Conversely if we can break the Long Term Ascending Trendline, I want to believe that it's a good start for a bull run to break out.
On the other hand ETHUSD has a lot of work to do. First there's a lot of resistance right now around the $410ish area. Followed by resistance around the $450ish area which would include the Long Term Ascending Trendline. After that, ETHUSD has the entire cloud to contest where the Long Term Descending Trendline has been grinding about. So in about 125$ band you have nothing but heavy resistance, it's as if it's a minefield.
In the short term, I still think that there's threat to the downside to which ETHUSD bounced off of the 360's support level; if it goes down and challenges that and breaks, 300ish here we come. Conversely if we can break the Long Term Ascending Trendline, I want to believe that it's a good start for a bull run to break out.