After yesterday’s push lower it makes sense to take a step back and take a look at the big picture. Here’s our technical analysis.
We never looked back after breaking the 9k level. The Ichimoku cloud wielded its power and kept a lid on the price.
As I mentioned in last week’s comment, this down move triggered my second leg of buying orders.
8k and 7.5k are important levels to watch for any bulls out there. If it dips below 7.5k it is time to cut your losses and probably play it from the short side for a push towards the 6.3k level (which is the next big liquidity pool back in the long-term high volume range).
My long term view has not changed. On the weekly chart we are still within a possible ascending triangle formation, which is bullish when it resolves.
The performance of the ETHBTC cross gives me a bullish sentiment on ETH. Especially when BTC was trending lower, it stood its ground. I expect this to be even more aggressive when BTC$ moves higher.
We did not go down to $1,420. The market turned at around $1,450. Resistance comes in at around $1,500, which is a liquidity pool and the upper end of the Ichimoku cloud.
I am closing my shorts here and will reassess in a week’s time.
On the lower end of the price range, the cloud provided some support at around $242.
In terms of the bigger picture, we are still looking for much lower prices on the back of the possible target from the shoulder-head-shoulder. The first big support comes in at around $175.Weiterlesen