Squeezed between trend resistance and support. Break incoming!
#ETH #UPDATE - As seemed most likely ETH broke support again and hit trend and the next pink arrow retest level. While we had a decent bounce a few hours ago, we rejected nicely off the support, now resistance, we just came through at 215.
On the bull side we made a fakeout and then a HH after the bounce off 206 which is promising - and including HLs on the higher timeframes. However we need a decent HL on the hourly followed by upward breaks of trend and 215 to confirm reversal. Particularly since we had such a strong bearish down candle.
On the bear side, we are still looking very corrective on higher tf, and a 5th wave down wouldn't surprise me. This will be clear very soon, as if we can't break back above 215 we will likely make LLs breaking the trendline we just bounced off.
Indicators are tough on the hourly, while we saw some regular bullish divergence on the lows, this has quickly morphed into hidden bearish divergence. 4h are close to oversold without divergence and daily have a lot more room to go down. Bollinger bands are well inside the keltner channels, on the daily, and we are due for expansion on that larger tf.
On the bull side we made a fakeout and then a HH after the bounce off 206 which is promising - and including HLs on the higher timeframes. However we need a decent HL on the hourly followed by upward breaks of trend and 215 to confirm reversal. Particularly since we had such a strong bearish down candle.
On the bear side, we are still looking very corrective on higher tf, and a 5th wave down wouldn't surprise me. This will be clear very soon, as if we can't break back above 215 we will likely make LLs breaking the trendline we just bounced off.
Indicators are tough on the hourly, while we saw some regular bullish divergence on the lows, this has quickly morphed into hidden bearish divergence. 4h are close to oversold without divergence and daily have a lot more room to go down. Bollinger bands are well inside the keltner channels, on the daily, and we are due for expansion on that larger tf.
Come say hi @elisa_crypto on twitter!
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