PRICE ACTION ETH is probably the most fully developed example of the change in market sentiment since the start of April’s bullish rally. The 1D candle that closed yesterday showed incredible indecision; and when the new daily candle started; the bears immediately filled the downside wick.
The current 4H candle has wicked below the 168 support; however, this price range has been in play since September 2018 – so don’t expect it to be easily blown through.
Continuing to analyse the 4H, a consolidation between 170-175 would establish the pattern for a further leg down into the $155 range – as well as giving the RSI an opportunity to settle back towards the median.
OPEN INTERESTS (BITFINEX) Long: 2.48 Days Short: 0.37 Days