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.
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 !
Currently showing a sideways price action (3’350-3’650)
Supported for the time being by TS and MBB
Still above the clouds. Watch 3’500 as short term support level
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