Ethereum has been really choppy these past few days in trading but we managed to play the chop pretty well. For inexperienced traders and swing traders, it was a nightmare but day traders had a field day. Now it looks like ETH is trying to break down and away from all the bullishness BTC has.
https://abacusjournal.com/wp-content/uploads/2A3FA3A400000578-0-image-a-13_1436151132169.jpg 677 962 Andrew Parish /wp-content/uploads/logo-header.png Andrew Parish2018-07-23 16:43:072018-07-23 16:43:34Ethereum Bearish Trend Is Confirmed: "Inclined to say down will be the direction we take..."
Diving straight into the H1 chart we notice some things. We are in a clearly defined order block as we can’t seem to break over or below this area. We rest on support but also sit under a lot of resistance. Picking a winner here is guesswork but I am more inclined to say down will be the direction we take.
The reason I say this is because ETH broke below the up-trend line again but in order to confirm this break down we need at least one solid bear candle close under the line or a series of H1 candle closes below.
The H1 STOCH is pretty low so we can expect an attempt at the trendline again. After confirming a break down we can look to short into the next uptrend line I have here; the target is red.
In order to sustain a bullish outlook, we must close over the trend line again and break back over resistance, a close of 470 will open up a 480 target from days before. If we manage to reach 480 we will look to go SHORT.