2021/10/08 08:59 AM – ETHUSD – D1- UNCERTAINTY AND INDECISION IS PERSISTING !

ETHUSD -D1- UNCERTAINTY AND INDECISION IS PERSISTING ! by Ironman8848 on TradingView.com

Yesterday’s price action triggered a “DOJI” pattern which is showing a “persisting uncertainty and indecision” about further direction.

Indeed, such kind of pattern should be seen as a gentle warning reminder which could impact the recent ongoing uptrend price action…


As long as the ETHUSD hold above the clouds area ( support area ) it is fine and this could be considered as a consolidation phase (corrective move only) and notas a reversal yet !


On the other hand, a failure to clearly breakout the former high (3654 reached yesterday) (daily closing basis !), should trigger a renewal selling pressure in putting the focus to the clouds support zone (3500-3000) and this, on a daily basis analysis.


Last but not least, a sustainable move below the former downtrend line resistance (triangle top line) would also confirm a “bull trap” !!! and probably, accelerate the downside move towards, firstly the 3’250-3150 cluster support area ahead of the clouds bottom level previously mentioned around 3’000.


CONCLUSION :


LEVELS TO WATCH :

UPSIDE : 3’650
DOWNSIDE : 3’450-3’400

Watch also carefully price action on the Lagging line !

WEEKLY PICTURE :
Still in a broad downtrend !

H4 :
Currently showing a sideways price action (3’350-3’650)
Supported for the time being by TS and MBB

H1 :
Still above the clouds. Watch 3’500 as short term support level

Ironman8848

Disclaimer :

All views expressed on my analysis are my own and do not represent the opinions of any entity, whatsoever with which I have been, I am now or I will be affiliated with. Any action you take upon the information on those analysis is strictly at your own risk and should not be considered as an advisory. The author assumes no responsibility or liability for any errors or omissions in the content of his analysis. The information contained is provided on an «as is» basis, with no guarantees of completeness, accuracy, usefulness or timeliness and without any warranties of any kind whatsoever, express or implied. 

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