The much anticipated (or dreaded if you're a miner) "merge" coming in Sep 19th will officially move the Ethereum ecosystem from proof-of-work to proof-of-stake. Justin Sun seems to see the opportunity for this event to sow some chaos within his competition by supporting ETHW and ETHS coins on the Poloniex exchanges as of this week. - ETHW and ETHS is similar to...
Entering high pressure region. Potential retracement to 6900 region as we continue upward in the channel. Significant overbought period wont last much longer. Extremely charged for upward or downward motion. If we make it through this region going sideways we will most likely jump up above the yellow region.
Basically we are looking at a 2 week or less cycle time until we are back at the bearish bottom / support region. Expect the time cycle to be even shorter due to a larger bearish sentiment than last wave up. Alternate occurrence is that the bottom of the yellow band region serves as the new top and we range between 7000-7400 for next few days before dropping.