Little Update on our recent ETH TA like we somewhat expected we saw a rejection off of the top of this triangle that we have respected during our whole time trading within it, now theres definitely some good reason behind this rejection we have multiple layers of resistance all at the same level, first of all the top of the triangle itself, the 50 day EMA, the 0.6 FIB level are all strong points of resistance. Now on the other hand we could most definitely see a bounce off of our current spot we are sitting now we have multiple layers of support, The 20 day EMA, checked out the bollinger bands and our midline lines up perfectly with the 20 day EMA, we have the pivot point which is a pretty crucial area. Now if by chance we do see a drop below the teal pivot point tonight for our daily close, this could definitely trigger a slip to the downside which is not ideal for us trying to regain an uptrend, as far as support below our current level we have the bottom of the triangle itself, support at the top of the descending channel, and 2 additional layers of support just below the bottom of the triangle. So if we do see a downside i think it will be pretty quick for us seeing a rebound, now a likely scenario would be a false breakout to catch traders. this would look something like a break and close out of the bottom of the triangle making traders scream SHORT, before then catching support and regaining the triangle itself and likely a move to the topside, the market movers love false breakouts because it liquidates many traders. Forgot to mention but we have very solid support at the 0.786 FIB level which is also the S1 Support, so if we we're too look for a trade i would say an entry at the .786 FIB, little generous stop loss and a take profit around 2800$ (USD)! Now for the Squeeze momentum indicator we have what looks like the last stride of red (bearish) movement, we have seen a steady decrease in the red bars day after day showing bearish momentum fading away, now what we are looking for is potentially another red bar (decreased from today) before then pushing above the midline into bullish zone. The black crosses represent the bullish/bearish squeeze and when those crosses turn white that represents the squeeze release, which is the explosive part of this indicator! To see this for yourself backtest and line up the white crosses to price action itself! Not financial advice just my opinion!
