ETHUSDT is in a clear downtrend, the hull suite indicator (Big red line) shows that this downtrend was particulary powerful with little pullback until we found ourselves in the current range.
Now ETHUSDT is forming a triangle and it looks like it could continue the downtrend, we also have a bearish kumo twist ahead.
There is a strong area of support just below this triangle, with the 180 EMA, The Ichimoku cloud and previous resistance turned support.
We should get a pretty strong bounce up, after we hit that area, if we dont and enter the cloud we could have an increased bearish sentiment and a further move down.
Be advised to keep both eyes open for:
The bullish scenario
We could also break the triangle upwards, but I'm being pessimistic seeing the current lack of interest in the market right now.
Now ETHUSDT is forming a triangle and it looks like it could continue the downtrend, we also have a bearish kumo twist ahead.
There is a strong area of support just below this triangle, with the 180 EMA, The Ichimoku cloud and previous resistance turned support.
We should get a pretty strong bounce up, after we hit that area, if we dont and enter the cloud we could have an increased bearish sentiment and a further move down.
Be advised to keep both eyes open for:
- Triangle Breakdown
- Hit area of support with little bounceback
- Enter Cloud and continue the downtrend.
The bullish scenario
- Triangle Breakdown
- Hit area of support with strong buying pressure
- Start of new uptrend
We could also break the triangle upwards, but I'm being pessimistic seeing the current lack of interest in the market right now.