Ironman8848

ETHUSD - H4 - POTENTIAL BREAKOUT DOWN ?

BINANCE:ETHUSDT   Ethereum / TetherUS
Recent price action is showing a growing uncertainty about the direction of the trend !
Indeed, last H4 closing level is once again showing a potential downside breakout of the
former uptrend channel .
Therefore, price action over the ongoing H4 period and more important its closing level
will validate or invalidate the breakout of the channel previously mentioned.
A closing level below the former bottom (@ 3'480) should be seen as an additional warning
signal, calling for further downside towards the H4 clouds support resistance area (currently
between 3'420-3'150) !!!
UPSDIDE :

In order to neutralize the ongoing downside price action, the ETHUSD should quickly recover and hold
above the cluster @ 3'600 !
As usual watch and monitor closely shorter intraday time frames to get intermediate clues which will help you
to act accordingly.
Have a nice end of the weekend.
All the best
Take care
Ironman8848

Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
https://ironman8848.com/private-analysis/