Keep in mind, I DO try to make my titles as corny as possible...

I published this chart since it is pretty straight forward and we are starting to see the alt market test new lows. As far as Ethereum goes, we are at a decision point. We have a long-term support (white dashed line trending up) and a solid support at the 0.382 fib level here. Let us wait for some volume with the uptick before we enter here. The entire market is very bearish right now, but keep in mind we usually go ultra bear before we see permaBull. As far as BTC goes, looking at $6.2k for next support to see what happens there.

Take it easy ladies and gentlemen

Comment: Keeps supporting

Comment: We broke...testing fib line. Will drop hard here if BTC stumbles.

Comment: I do think in the very near term, BTC rises...using this hypothesis, ETH can be expected to test previous support...

Comment: ETH does not seem to be bouncing at all. Bearish on btc, but do note the ETH/USD graph below. You can see a strong resistance/support in the magenta box. Additionally, look at the peaks "1, 2, 3, 4". They have similarities, meaning a bottom might be found in the same region.

Comment: SUB $400 inbound

Comment: approaching 0.054 support. let's see what type of bounce we have here. If we fall through after a quick bounce, look for 0.042 for an entry. Wait for a daily close above this price point before entry...more importantly, assuming BTC heads down to $5k region, wait to see where ETH is at that time.
Comment: Here is a scenario for $230 that will come in play if the white line in the descending wedge does not hold...we are testing now.

Comment: If we are to test the $230 level, 0.040 level will get broken. If BTC starts to descend towards $6400 you can be sure $230 will be in the cards. For BTC pairing 0.035 then 0.027. I will update with a chart when price starts moving.
Comment: Here is the update on USD pairing. It looks ugly. Using prior support/resistance and going towards the last HVN (high volume node) my result is actually $195 assuming we bounce off the bottom of the descending channel again. Time frame is 24-48 hours. Let's see how this turns out!

Comment: IF ETH continues, we are looking for $180. Magenta lines are supports.

Comment: $180 hit. Next target is $150, wait for a little bounce back up here. Look for short opportunities at $198-205. SL would be $208.

Comment: trade is live

consider a move in SL up to 230 with a second short entry around $220. This will be about a 10 day sideways movement, so patience is required.


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