ETHUSDT looks ready for a breakdown:
We are above the 180 EMA, resistance-turned-support, and the Ichimoku cloud.
But, we have formed a triangle, that looks ready for a break, considering the current trend is still a downtrend.
The triangle will probably break down pushing us below the Ichimoku cloud, turning it into resistance.
Volume has been following quite closely the moves in price, so no divergence here.
I believe this last few hits against this area of support have eroded the buyer's capacity for keeping prices this high, confidence is not great and bearish sentiment might soon go into overdrive at any sign of FUD.
Based on this, I'm really looking for lower ETHUSDT prices and going back into the 2K to 1.5K range for a while.
ALWAYS PRACTICE RISK MANAGEMENT, RISK MANAGEMENT IS THE MOST IMPORTANT SKILL IN TRADING.
We are above the 180 EMA, resistance-turned-support, and the Ichimoku cloud.
But, we have formed a triangle, that looks ready for a break, considering the current trend is still a downtrend.
The triangle will probably break down pushing us below the Ichimoku cloud, turning it into resistance.
Volume has been following quite closely the moves in price, so no divergence here.
I believe this last few hits against this area of support have eroded the buyer's capacity for keeping prices this high, confidence is not great and bearish sentiment might soon go into overdrive at any sign of FUD.
Based on this, I'm really looking for lower ETHUSDT prices and going back into the 2K to 1.5K range for a while.
ALWAYS PRACTICE RISK MANAGEMENT, RISK MANAGEMENT IS THE MOST IMPORTANT SKILL IN TRADING.
Trade active:
Down we go!