Hello. Hope you are having a great time.
Let's get down to business. ETH is testing an important trend line that used to be a strong support factor. When such a significant factor is lost, in my experience, it is hard to reclaim it ASAP unless we are dealing with a deviation to trap bears. As you can clearly see, in May 2021, we had the same scenario but for bulls. Something is certain. The next couple of weeks will serve as a confirmation. My directional bias tells me the move down is highly likely because the current price action is the continuation of an inverse cup-and-handle with a decreasing volume, which is bearish.
Please push the like button if you find the idea of value.
If not, I look forward to your comments.
Let's get down to business. ETH is testing an important trend line that used to be a strong support factor. When such a significant factor is lost, in my experience, it is hard to reclaim it ASAP unless we are dealing with a deviation to trap bears. As you can clearly see, in May 2021, we had the same scenario but for bulls. Something is certain. The next couple of weeks will serve as a confirmation. My directional bias tells me the move down is highly likely because the current price action is the continuation of an inverse cup-and-handle with a decreasing volume, which is bearish.
Please push the like button if you find the idea of value.
If not, I look forward to your comments.