ETH - ONGOING BEARISH PRICE ACTION
M1 : First significant support on M1 @ 2735
W1 : Currently below the weekly pivot level @ 3'436
Watch 2'950 as the next significant support level on this time frame
D1 : In a ongoing downtrend channel, currently below the cluster (TS, MBB and KS)
50 % Fib ret filled for the second time, 61.8 % Fib ret @ 2'873 which coincides with
the clouds support zone !
H4 : Below the clouds and below MBB. A breakout of the 3'100 area would open the
door for 2'873 above mentioned.
H1 : Failure to recover above the clouds (@3565) triggered another selling wave pressure
Below the cluster. Only a sustainable recovery above 3500-3600 would neutralise the ongoing
bearish price action
M30 : Below the clouds . A recovery above the clouds in this time frame would temporary "tempered"
the ongoing selling pressure
M15 : Far below the clouds, same than in M30
M5 : The trend is your friend... watch the clouds
CONCLUSION :
THE FAILURE, ON D1 BASIS TO HOLD ABOVE THE MID BOLLINGER BAND SHOULD BE SEEN AS A VERY NEGATIVE SIGNAL
AND IT IS LIKELY TO SEE FURTHER DOWNSIDE. ANY RECOVERY SHOULD BE CONSIDERED AS A CORRECTIVE MOVE IN AN
ONGOING DOWNTREND AND NOT YET AS A TREND REVERSAL HAVING IN MIND A STRATEGICAL VIEW. FOR THOSE WHO
WANT TO TAKE LONG EXPOSURE, I STRONGLY RECOMMAND TO USE TIGHT STOP LOSS TO PROTECT LONG EXPOSURE TAKEN COUNTERTREND !!!
Have a nice trading day
All the best
Take care and may your long goes up and your short goes down
Ironman88e8
W1 : Currently below the weekly pivot level @ 3'436
Watch 2'950 as the next significant support level on this time frame
D1 : In a ongoing downtrend channel, currently below the cluster (TS, MBB and KS)
50 % Fib ret filled for the second time, 61.8 % Fib ret @ 2'873 which coincides with
the clouds support zone !
H4 : Below the clouds and below MBB. A breakout of the 3'100 area would open the
door for 2'873 above mentioned.
H1 : Failure to recover above the clouds (@3565) triggered another selling wave pressure
Below the cluster. Only a sustainable recovery above 3500-3600 would neutralise the ongoing
bearish price action
M30 : Below the clouds . A recovery above the clouds in this time frame would temporary "tempered"
the ongoing selling pressure
M15 : Far below the clouds, same than in M30
M5 : The trend is your friend... watch the clouds
CONCLUSION :
THE FAILURE, ON D1 BASIS TO HOLD ABOVE THE MID BOLLINGER BAND SHOULD BE SEEN AS A VERY NEGATIVE SIGNAL
AND IT IS LIKELY TO SEE FURTHER DOWNSIDE. ANY RECOVERY SHOULD BE CONSIDERED AS A CORRECTIVE MOVE IN AN
ONGOING DOWNTREND AND NOT YET AS A TREND REVERSAL HAVING IN MIND A STRATEGICAL VIEW. FOR THOSE WHO
WANT TO TAKE LONG EXPOSURE, I STRONGLY RECOMMAND TO USE TIGHT STOP LOSS TO PROTECT LONG EXPOSURE TAKEN COUNTERTREND !!!
Have a nice trading day
All the best
Take care and may your long goes up and your short goes down
Ironman88e8
On intraday basis H1 to M5, currently under the influence of a potential double bottom formation with its trigger level around the 3000 area, not activated yet
watch carefully price action from M5 to H1 over the upcoming minutes and hours to get clues