Recent price action is showing a growing uncertainty about the direction of the trend !
Indeed, last H4 closing level is once again showing a potential downside breakout of the
former uptrend channel.
Therefore, price action over the ongoing H4 period and more important its closing level
will validate or invalidate the breakout of the channel previously mentioned.
A closing level below the former bottom (@ 3'480) should be seen as an additional warning
signal, calling for further downside towards the H4 clouds support resistance area (currently
between 3'420-3'150) !!!
UPSDIDE :
In order to neutralize the ongoing downside price action, the ETHUSD should quickly recover and hold
above the cluster @ 3'600 !
As usual watch and monitor closely shorter intraday time frames to get intermediate clues which will help you
to act accordingly.
Have a nice end of the weekend.
All the best
Take care
Ironman8848
Indeed, last H4 closing level is once again showing a potential downside breakout of the
former uptrend channel.
Therefore, price action over the ongoing H4 period and more important its closing level
will validate or invalidate the breakout of the channel previously mentioned.
A closing level below the former bottom (@ 3'480) should be seen as an additional warning
signal, calling for further downside towards the H4 clouds support resistance area (currently
between 3'420-3'150) !!!
UPSDIDE :
In order to neutralize the ongoing downside price action, the ETHUSD should quickly recover and hold
above the cluster @ 3'600 !
As usual watch and monitor closely shorter intraday time frames to get intermediate clues which will help you
to act accordingly.
Have a nice end of the weekend.
All the best
Take care
Ironman8848
