ETH tried a second time, but failed to pass our resistance at $3,200 and now we're in a free fall back to our support around $2,700.
Therefore, you have two options. Wait for price to reach support before considering a buy, or you can short, but shorting now is a bit late, that should have taken place once we bounced off resistance.
Bias is bearish short term. I don't expect us to break support, that would be quite concerning, apart from a wick here and there. If you look closely you will see that each time we approached our support, we made a higher low. This is good. If the pattern continues, we should have a higher low again and set us up for a nice break of this resistance, eventually.
Indicators remain bearish for now, but a good bounce of this support, may turn daily MACD bullish. Patience.
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Therefore, you have two options. Wait for price to reach support before considering a buy, or you can short, but shorting now is a bit late, that should have taken place once we bounced off resistance.
Bias is bearish short term. I don't expect us to break support, that would be quite concerning, apart from a wick here and there. If you look closely you will see that each time we approached our support, we made a higher low. This is good. If the pattern continues, we should have a higher low again and set us up for a nice break of this resistance, eventually.
Indicators remain bearish for now, but a good bounce of this support, may turn daily MACD bullish. Patience.
Like and follow if you liked this idea!
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