On the monthly scale ETHUSD is heading towards the lower monthly Bollinger band.
There are two magnetic poles pulling crypto prices down.
The first one is at 347 ETHUSD corresponding to the close of the monthly T1 in July 2020.
A T1 is the first close outside of the volatility envelop preceding a major trend and it is generally always rejoined in the subsequent trend correction.
The second one is a daily gap that remains open in the same month at 279 ETHUSD (at least on Kraken) with an 80% probability of being closed .
Therefore there is scope for ETHUSD to spike down in the coming weeks in the 3OO area.
This level will present itself as a major buying opportunity in the crypto and blockchain financial space.
Enjoy the ride.
There are two magnetic poles pulling crypto prices down.
The first one is at 347 ETHUSD corresponding to the close of the monthly T1 in July 2020.
A T1 is the first close outside of the volatility envelop preceding a major trend and it is generally always rejoined in the subsequent trend correction.
The second one is a daily gap that remains open in the same month at 279 ETHUSD (at least on Kraken) with an 80% probability of being closed .
Therefore there is scope for ETHUSD to spike down in the coming weeks in the 3OO area.
This level will present itself as a major buying opportunity in the crypto and blockchain financial space.
Enjoy the ride.
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