ETH bulls restricted with upward moving space!
CryptoAST ETH USD Breakdown
We had caught shorts on ETH from the 185$ level and short trade was closed at 170$ earlier than our take profit of 166$. We had expected ETH to crash to the 133$ level from our breakdown last week but bearish confirmation price of 150$ was never broken to the downside in order for this to become a valid trade and thus we just shorted at a higher price.
Now, we will conduct another breakdown of ETH to re-assess the situation with ETH currently trading at 185$
- With ETH currently testing the supporting trend line of previous descending wedge, we can see that thus far we have had a rejection of supporting trend line now resistance since the 190$ level. We can also see an ascending channel forming on the daily with resistance to 199$. On our momentum indicators for the daily, we can see both momentum indicators at bearish points ready for retracement to the downside. When we switch to ‘specialist chart settings’ only given to Round Table members, we see strong bullish candles indicating that a retest of the 200$ level may be in the cards but on specialist chart settings for momentum indicators, we can see the same general areas of resistance and price max out effect.
- On the 4 hourly, the first thing to notice is that we are forming a bearish divergence as price creates higher highs in the ascending channel but momentum indicators are for ming lower highs and thus indicating that we should see a sharp sell off into the 176-178$ support level before the bulls take back charge again and for support to be found at this level.
- A break above the 200$ price level will indicate to us a rise to the descending resistance trend line of the descending wedge, with bullish price caps to 230$.
- A break below the 175$ price level will give us confirmation to short to the 133$ and 110$ level ; this is likely to occur after another rejection from the 200$ for stop hunting to occur and by that time the confirmation price will have become 180$ to short.
- In the case that we will see BTC make highs of 8500$ and 9000$ respectively, then we are leaning more towards upward targets of 220$ and 230$ before bearish price action to lows starts.
CHECK OUT OUR TELEGRAM CHANNEL DOWN BELOW FOR TIMELY UPDATES AND EXACT ENTRIES!
We had caught shorts on ETH from the 185$ level and short trade was closed at 170$ earlier than our take profit of 166$. We had expected ETH to crash to the 133$ level from our breakdown last week but bearish confirmation price of 150$ was never broken to the downside in order for this to become a valid trade and thus we just shorted at a higher price.
Now, we will conduct another breakdown of ETH to re-assess the situation with ETH currently trading at 185$
- With ETH currently testing the supporting trend line of previous descending wedge, we can see that thus far we have had a rejection of supporting trend line now resistance since the 190$ level. We can also see an ascending channel forming on the daily with resistance to 199$. On our momentum indicators for the daily, we can see both momentum indicators at bearish points ready for retracement to the downside. When we switch to ‘specialist chart settings’ only given to Round Table members, we see strong bullish candles indicating that a retest of the 200$ level may be in the cards but on specialist chart settings for momentum indicators, we can see the same general areas of resistance and price max out effect.
- On the 4 hourly, the first thing to notice is that we are forming a bearish divergence as price creates higher highs in the ascending channel but momentum indicators are for ming lower highs and thus indicating that we should see a sharp sell off into the 176-178$ support level before the bulls take back charge again and for support to be found at this level.
- A break above the 200$ price level will indicate to us a rise to the descending resistance trend line of the descending wedge, with bullish price caps to 230$.
- A break below the 175$ price level will give us confirmation to short to the 133$ and 110$ level ; this is likely to occur after another rejection from the 200$ for stop hunting to occur and by that time the confirmation price will have become 180$ to short.
- In the case that we will see BTC make highs of 8500$ and 9000$ respectively, then we are leaning more towards upward targets of 220$ and 230$ before bearish price action to lows starts.
CHECK OUT OUR TELEGRAM CHANNEL DOWN BELOW FOR TIMELY UPDATES AND EXACT ENTRIES!
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