ETHUSD broke through horizontal support at $116.23, which has confluence with Volume Profile POC (point of control) and also head and shoulders neckline. Now expected to be major resistance.
Support has been found at next horizontal support ($104.86), although substantial amount of resistance/pressure from Volume Profile HVN (High value nodes) is present above...
(sell) Price action broke flag to the downside.
(sell) Head and shoulders broke below neck line
(sell) Flag pole (yellow) extended to break out area on the downside. With this we can denote price action's estimated short term bottom, in confluence with horizontal support ($98.98)
(sell) Price action broke horizontal support, now using as resistance...
Broke flag support, now as resistance (Orange) Flag pole (purple) show expected price action(correlates with long term horizontal support (orange $83.86)
Broke EMA support, now resistance (all)
Declining Volume (purple dotted)
RSI in bearish controlled level (-45)
Staying within horizontal support/resistance(grey dotted) testing bottom for 2nd time.
