ETHUSD: Major Support Within Reach.

ETHUSD 0.01% Update: Bearish momentum continues on the near term. The break of the 250 to 240 area (red arrow), and continuation of new lows signals a change which is likely to be thrusting this market into a broad consolidation. In order for this market to PROVE that there are any chances of a significant bullish retracement, the 245 resistance level needs to be compromised. And to signal that the major bullish trend is likely to continue, the 284 resistance needs to be taken out. Unless these scenarios take place, I expect prices to drift lower, POSSIBLY to the low 200s before there are any signs of stability. (Inversion and bounce on 6/26 see chart).

The way I intend to trade this is to first wait for a break above 245, and then look to buy the next pull back. Keep in mind this scenario may never play out, but at the moment that is what I would like to see in order to buy into this market for a swing trade.

In order for the major bullish trend to become questionable, price needs to push below 160. I DON'T KNOW if that will happen, but if it does, it will point to further selling in the long run and would prevent me from swing trading this market from the long side.

Remember as a price action trader, my goal is to WAIT for elements to align in order to stack PROBABILITIES in my favor, not make absolute predictions. As the market offers new information, I adjust.

Feel free to ask any questions.