As you know i have been calling for a panic low for ETH for a while now and expected a a possible low a week ago. That bounce we had was decent but there was no follow through and so it failed already. At the moment we are again at the low and now it is being tested to see if it becomes a double bottom or not.
On the right we can see a bear flag in the making. This suggest the support will break the support and make new lows. But since it as a support zone and we had similar moves fail, it could also turn into a Bart move and make a move up again. The whole market is at crucial levels now and the bears are clearly still in favor. So a break of the bear flag would be a big sign already for the bears and will probably make the price drop. But it could be that the low of a week ago can also still be a support. So nothing clear, but a very good indication would be, if you see this smal bear flag break and start to see a big volume increase, that it will be very likely the bear flag is in play. If we don't see dumping, it could be a false move.
The decreasing volume on the left is also in favor of the bears.
Ignore the ABCDE by the way, i just used it to illustrate that double bottom pattern.
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Previous analysis:
On the right we can see a bear flag in the making. This suggest the support will break the support and make new lows. But since it as a support zone and we had similar moves fail, it could also turn into a Bart move and make a move up again. The whole market is at crucial levels now and the bears are clearly still in favor. So a break of the bear flag would be a big sign already for the bears and will probably make the price drop. But it could be that the low of a week ago can also still be a support. So nothing clear, but a very good indication would be, if you see this smal bear flag break and start to see a big volume increase, that it will be very likely the bear flag is in play. If we don't see dumping, it could be a false move.
The decreasing volume on the left is also in favor of the bears.
Ignore the ABCDE by the way, i just used it to illustrate that double bottom pattern.
Please don't forget to like if you appreciate this :)
Previous analysis:
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Now it's up to the bulls to grab on to this setup and take advantage of the wedge and the double bottom.
At the moment the bottom of the bear flag has rejected it so far, so it could still just be a retest before continuing to drop again. But the fact the rejection has been a lot relatively speaking, it's not that convincing from the bulls side. The green support from today's low won't be an easy one to break, so there could still see another attempt. But if the green support breaks, we have to assume we will see a dump happen