Looking at a potential move to the upside for ETH - price has bounced away from the 1260 support area and now is looking to take on resistance areas such as the 1355 and 1375.
Any potential upside on ETH will be short as we look to the HTF which suggests the continuation of the order flow (Bearish)
If price was to break these areas, the next level to look to is 1400.
If price breaks 1355 and fails to break 1375 then this could be another rejection of a resistance area.
On the HTF, price is making consecutive LH and LL.
The last sequence of LL/LH rallied 24.65% - this is to be unlikely in the next sequence as we are in a bearish range = high probability to the downside
One thing to keep in mind is that we still haven't 100% retraced from rising wedge which took 32 days to form (13/07-15/08)
Any potential upside on ETH will be short as we look to the HTF which suggests the continuation of the order flow (Bearish)
If price was to break these areas, the next level to look to is 1400.
If price breaks 1355 and fails to break 1375 then this could be another rejection of a resistance area.
On the HTF, price is making consecutive LH and LL.
The last sequence of LL/LH rallied 24.65% - this is to be unlikely in the next sequence as we are in a bearish range = high probability to the downside
One thing to keep in mind is that we still haven't 100% retraced from rising wedge which took 32 days to form (13/07-15/08)