Here, I am using the logarithmic indicator which has actually provided good SR levels for price movement
We bounced from it almost to the dollar earlier today and the last bull run was capped by it perfectly
If this week closes below last weeks close of $57600 we confirm weekly bearish divergence on the RSI
I believe that could take us back to 40K to completely...
Firstly I still think the bigger picture is bullish, 500 CEO's attended Michael Saylors conference today (CEO of Microstrategy) with interests of buying BTC
He is looking to purchase another $600 million also
BUT
The chart does reek somewhat, we have a rising bearish wedge formation, which forms higher highs and higher lows, but we had one previously in this bull...
Starting from January 1st, the price continued to go up up approximately between $450 to $650 after every 7 to 10 days with few ups and downs in between. From 3rd of February Ethereum touched it's all time high price and continued to break it's record for the next 2 days until it's price started to drop on 5th February and this sudden fall of Ethereum price...
