After what is currently shaping up to be a weak bounce off the 4-Hour Order Block equilibrium, Ethereum seems to be signaling a potential break to the downside. This level is also confluent with the range equilibrium.
It was rejected almost to the pip by the 23.6% Fib level pulled from wick to wick of this latest wave.
A clean break below the 4-Hour Order Block and I will be looking to short the retest targeting the range low which is also confluent with another 4-Hour Order Block and demand zone.
If the current swing low around $192 is broken, I would expect price to revisit $175-$185, with potential for further downside continuation all the way to $90-$130.
For this situation to materialize, Bitcoin will have to make a new yearly low and revisit the $5000-$5500 area.
On the flipside, if ETH makes a move up from here, I would be looking for a long on the retest of the supply zone above, targeting somewhere around $270.
All in all, both the bulls and bears are showing signs of exhaustion, and the market should make an expansive move in one direction or the other relatively soon.
It was rejected almost to the pip by the 23.6% Fib level pulled from wick to wick of this latest wave.
A clean break below the 4-Hour Order Block and I will be looking to short the retest targeting the range low which is also confluent with another 4-Hour Order Block and demand zone.
If the current swing low around $192 is broken, I would expect price to revisit $175-$185, with potential for further downside continuation all the way to $90-$130.
For this situation to materialize, Bitcoin will have to make a new yearly low and revisit the $5000-$5500 area.
On the flipside, if ETH makes a move up from here, I would be looking for a long on the retest of the supply zone above, targeting somewhere around $270.
All in all, both the bulls and bears are showing signs of exhaustion, and the market should make an expansive move in one direction or the other relatively soon.