ETHUSD -D1- UNCERTAINTY AND INDECISION IS PERSISTING !
Yesterday's price action triggered a "DOJI" pattern which is showing a "persisting uncertainty and indecision" about further direction.
Indeed, such kind of pattern should be seen as a gentle warning reminder which could impact the recent ongoing uptrend price action...
As long as the ETHUSD hold above the clouds area (support area) it is fine and this could be considered as a consolidation phase (corrective move only) and not
as a reversal yet !
On the other hand, a failure to clearly breakout the former high (3654 reached yesterday) (daily closing basis !), should trigger a renewal selling pressure in putting the focus to the clouds
support zone (3500-3000) and this, on a daily basis analysis.
Last but not least, a sustainable move below the former downtrend line resistance (triangle top line) would also confirm a "bull trap" !!! and probably, accelerate the downside
move towards, firstly the 3'250-3150 cluster support area ahead of the clouds bottom level previously mentioned around 3'000
CONCLUSION :
LEVELS TO WATCH :
UPSIDE : 3'650
DOWNSIDE : 3'450-3'400
Watch also carefully price action on the Lagging line !
WEEKLY PICTURE .
Still in a broad downtrend !
H4 :
Currently showing a sideways price action (3'350-3'650)
Supported for the time being by TS and MBB
H1 :
Still above the clouds. Watch 3'500 as short term support level
Ironman8848
Indeed, such kind of pattern should be seen as a gentle warning reminder which could impact the recent ongoing uptrend price action...
As long as the ETHUSD hold above the clouds area (support area) it is fine and this could be considered as a consolidation phase (corrective move only) and not
as a reversal yet !
On the other hand, a failure to clearly breakout the former high (3654 reached yesterday) (daily closing basis !), should trigger a renewal selling pressure in putting the focus to the clouds
support zone (3500-3000) and this, on a daily basis analysis.
Last but not least, a sustainable move below the former downtrend line resistance (triangle top line) would also confirm a "bull trap" !!! and probably, accelerate the downside
move towards, firstly the 3'250-3150 cluster support area ahead of the clouds bottom level previously mentioned around 3'000
CONCLUSION :
LEVELS TO WATCH :
UPSIDE : 3'650
DOWNSIDE : 3'450-3'400
Watch also carefully price action on the Lagging line !
WEEKLY PICTURE .
Still in a broad downtrend !
H4 :
Currently showing a sideways price action (3'350-3'650)
Supported for the time being by TS and MBB
H1 :
Still above the clouds. Watch 3'500 as short term support level
Ironman8848
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