As Bulls feared, we saw a failure and reversal by the lower Daily Cloud and
preice is now approaching the important 750 level were we could see some support.
This approximately aligns with the lower end of the Cloud on the H4 timeframe (right chart).
Just like Bitcoin, Ethereum failed to reach its Weekly pivot point, which points to
lack of momentum or exhaustion after the sharp bounce seen after the major
sell off in early Feb. Bulls would like to see a close above the 830 mark today but
if not, at least see a bounce off of the 750 mark. A close below that latter level will
expose the 670. A sharper sell off and price taking out the 670-700 chances are
we will see a test of the 565 low.
Overall, The Asian session saw more bearishness than Bulls would have liked and
now have reason to worry, awaiting the daily close for more clarity of market intention
going forward.
preice is now approaching the important 750 level were we could see some support.
This approximately aligns with the lower end of the Cloud on the H4 timeframe (right chart).
Just like Bitcoin, Ethereum failed to reach its Weekly pivot point, which points to
lack of momentum or exhaustion after the sharp bounce seen after the major
sell off in early Feb. Bulls would like to see a close above the 830 mark today but
if not, at least see a bounce off of the 750 mark. A close below that latter level will
expose the 670. A sharper sell off and price taking out the 670-700 chances are
we will see a test of the 565 low.
Overall, The Asian session saw more bearishness than Bulls would have liked and
now have reason to worry, awaiting the daily close for more clarity of market intention
going forward.
