YinYangCrypto

Ethereum formed a bear flag and flirting with 100 % retracement

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
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Hi people, looking on the 1-day chart we cna see that ETH formed a bear-flag in the past and now reached the 100% fibonacci retracement mark (under 61.8% this is a bearish sign)
Here we have an not really big support, wich is thing will be breaked and the price is going to hit the support Line 2 wich is marked in this chart with the blue trendline .
There we could have an consolidation or a second bear-flag .
Wich could bring us downer to the pink trendline .

Other scenario would be that we confirm support line 1 or 2 as current support and the price will move higher to the 78.6 retracement from there where we also have the black trend line of the downtrend, the price could have a pull back from there.

RSI on the 1-day chart is moving to the "higher" oversold levels

MACD has a bearish cross, wich is bearish! :D

accumulation/distribution is not really going to the downside wich isnt normal for a downtrend, normally it confirms trends..

Have fun and good luck with your trades!

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