we have a bearish flag here. any upward movement will face resistance in 50 EMA(yellow). short if price break below the triangle and prices move lower than 200$. if we break above 50 EMA and hold for a few hours, the flag pattern is rejected. The price target for this flag is actually 10$ if we sink below 167$.
if you notice in early 2017 we had a very sharp move up so there are no major support levels here and ETH can fall very sharp from here and this is a big oppurtunity.
if you notice in early 2017 we had a very sharp move up so there are no major support levels here and ETH can fall very sharp from here and this is a big oppurtunity.
Comment:
some may say the previous red candles are small and show weak bears, but if u notice they are slightly sloping downward and this is actually selling pressure. also, the sharp rally on Oct 15 closed below 20 EMA and is a failed breakout. and any failed breakout will result in a trend continuation.
Trade active:
so we broke out of the triangle as expected...but as you might have noticed crypto has been acting a bit weird lately so i wouldn't be surprised to see another spike up and a failed breakout from here! so it's better to wait to see some follow through, i'll personally go short below 194$. Good luck trading!