3 Day flag and 1h MA 200 has broken UP
Good level of volume, I see a continuation up until the first major resistance level
Could see us retrace here, find support at MA 200 or higher, then possible a second test, possibly breaking our 8970 resistance and continuing up to the 9100 range
Entry at 8843
Stop Loss at 8820
Take Profit at 8965
If we see BTC break up, we could see it test the 8980 support, and then a possible continuation to 9100
Alternatively we break down wards and go into a heavier bear market, forming lower lows.
Lets see how this plays out
The price is rallying down to 245, obvious bear flag with an RSI 14 divergence.
Short on the flag exit, and make sure to stop loss if we jump back in.
Only take what is safe to take!
I'm Bearish on ETH!
Daily RSI is sitting at mid 70's, looking for that correction down to the 50's.
I think we will see a correction to ~$250, as long as we stay in the up trend channel.
Otherwise if we break up, we could test the ~$300 resistance, and if we keeping going the way we have been, then the ~$350 too.
Not going to try and guess where we are going
If we see the price drop bellow $9630, I shall sell as then I see the price correcting further
If we go above ~$10335, I'll lightly buy more in after a slight dip back to the lower highs trend
MA 7 breaking down bellow the MA 25 on the 1 week chart. Could see this continue to fall with the potential Elliott wave that is occurring.
If this occurs, we could see this long term uptrend support be tested, and potentially broken, allowing the evaluation to catch up with the 200 MA at 1300.
Only time will tell, but the market is looking ready for a heavy correction.
If we continue to see a downward price, I believe we could be seeing downward of 300 sats, finding supported at the downward trend.
Alternatively, we could see the price break this downward trend and potentially consolidate at around 400-600 sats, resulting in a delayed bull run within the next two months. MA 7 crossing over MA 25 once again, maybe this time we...
Weekend review 4h chart; looking good on the up trend bounce, MA 7 testing the MA 25, possibly being a major indicator for further up movement to test this last two month down trend. Otherwise the price consolidation is looking nice, we have not seen the price drop lower than 9K since June 18th. Interested to see if and how the market will test ~11.7k on the down...
