ETHUSD - Important Price Range On Deck

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ETH is current sitting just below a very important price point of $136-140. What price does at this range will strongly move me int either a bullish or very bearish bias. The current market dynamic is that a large bearish wedge had been forming over the past few weeks and finally broke downwards out of the pattern thus confirming it. After breaking down, intraday price action became somewhat bullish, increasing the likelyhood that price will pop back up to the bottom of that pennant and retest it. That is where the important 136-140 price level comes into play. If price pops up to that level and is strongly rejected then there is a very high chance price tumbles down to $100 or lower. If price breaks up through the bottom of that pennant and then holds it as support, there is a high likelyhood that price reclaims the bullish trend and continues higher.

An alternative scenario would be if price does not break higher but heads immediately lower. If this happens and price breaks down to 124, that makes a trip straight down to $100 without any sort of retest much more likely.