MrJEB

ETHUSD - Failed Rally, or 'Chink in the Armor'?

COINBASE:ETHUSD   Ethereum / U.S. Dollar
There is no denying the Bearish Downtrend, to think otherwise would be costly. But, has Saturday's recent rally been a failed one, or have the Bulls put a small chink in the armor?

In a previous post, I more fully outlined a the recent bearish stepping pattern that seems to have been occurring since Jan. 14th (See below). It is very strong.

The larger market body is calling for a retest of $100, and maybe the Bears will get it. Will the Bulls put up with it - remains to be seen. The previous psychological $100 brought about the same response, lackluster with its moments of "decent" volume uptick, but still stronger than the recent leg down.

I think price action will ride its way down to the $104, and the $100 is going to be the line to watch. If there is a small window through this defense line, the Bull are going to have to convincingly exploit it.

Good luck!

Full Post: Predictable Bearish Pattern? :

Related Post: 1H Tightening. Break & Test Trendline or Test $100"
Trade active: Is ETH USD about to break a month long short term downtrend? OR, will it have another helping of regression?

Heavy left brained, like the rest of you.
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