Possible ETH Short

15 ก.ค. 2021

Arguments for the Short Idea:

• Sell label
  
• Downward trend was confirmed by 2 RED candles which show that the candlesticks are in a downward sequence.
  
• Price has broken below the Pivot Range to the downside, and has retested it.
  

Arguments against the Short Idea:

• There has not been much follow through though and there are signs of a bounce on lower timeframes.
  

Other observations:

• The line of golden circles show demand. This demand has been tapped.
  
• Therefore, the next time price falls to this level it is more likely to fall straight through and not act as support as it did previously.
  
• Invalidation of idea at the low of the most recent Pivot Range at around $2170