sven101

Analysis: weekend ofsideways movement? Or will a break occur?

BINANCE:ETHUSDT   Ethereum / TetherUS
I have a clean indicator free chart here where i have simply highlighted levels of interest using horizontal lines. Each of the areas shown have acted as strong support or resistance multiple times in the past few weeks. Critical levels are shown in red and green, i believe if we break and hold either of those horizontal lines, that will set the trajectory of the price for weeks to come. For the bullish case would need to convincingly break above 1400-1420 with strong volume and for the bearish case would need to convincingly break the 1200-1220 range. As of now i still lean toward the bearish scenario due to general market sentiment as well as the fact that price has not been able to clear what in my opinion shouldn't be a difficult target as well as having signs of bearish structure. Most recently we can see a bear flag forming on the 4h time frame with a technical target of approximately 1300 which also happens to be one of the support areas. I originally expected a higher run to grab liquidity from the ,$1400,-1420 area but since it has been well over a week without this occuring i feel it is more likely we get retracement without needing to see those levels first. Comment your thoughts below.
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