StaniecLukasz
Short

Dump and Pump and Dump Some More?

COINBASE:ETHUSD   Ethereum / U.S. Dollar
Wow did ETH break down after oscillating in a tight range for several days. I wasn't exactly sure if that was a wedge that failed and tried to rally that ended doing a pump fake. This happened before on the 4 Hr             bar in late January with a similar set up. ETH has failed the past 4 4hr bars to breach the $740 retracement level on this past leg down. ETH is selling off again and trying to test the $700 level. If this is breached we will go ahead and test the $650 level again.

A focal point is the long term descending trend line that ETH has failed to break. Simultaneously with significance, the cloud is dragging along this trend line . Momentum that has helped spur a good bounce seems to be fading, maybe ETH is giving back a little of that really strong bar to continue upwards; but from my eyes, I believe that ETH will drift lower again to see if it can build a solid bottom before trying to break both the trend line and the cloud. Even if we do have a good rip to the upside, there's a lot of resistance around the $800'ish area.
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