Ethereum has broken below the channel once more and has found support near the 38.2%FIB level. The demand zone we are currently at is very strong and VERY important to keep price away from the $180-$190 levels. The EMAs have crossed over bearish, which does signal some bearish price action might still be in store unless we break higher soon.
MACD continues to plummet lower while the histo has slightly turned up BUT the RSI broke through support and looks like after bouncing, we could continue our move lower here. As always, Bitcoin price is what moves the rest of the market so a break lower will cause big drops in Ether and altcoins alike. We could get another move higher into the EMAs before continuing lower and breaking support BUT this is a strong POC level.
Once more, a more conservative short scalp would be to wait for a break of this support level and take a short on the retest.
Thanks guys
MACD continues to plummet lower while the histo has slightly turned up BUT the RSI broke through support and looks like after bouncing, we could continue our move lower here. As always, Bitcoin price is what moves the rest of the market so a break lower will cause big drops in Ether and altcoins alike. We could get another move higher into the EMAs before continuing lower and breaking support BUT this is a strong POC level.
Once more, a more conservative short scalp would be to wait for a break of this support level and take a short on the retest.
Thanks guys
Заметка
We can see here how, as mentioned before, price did come back up and tag the EMA before retreating lower again but STILL remains above the demand zone!
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