Looking at a 4hr line chart for ETH we are currently at the bottom of an ascending channel and once again facing decision time for it's next move.
Price is impossible to predict but we can certainly predict high probability zones for accumulation, distribution, and reversals.
Personally I clearly have a bias to the down side but can not igore the ascending channel that has formed and the possibility of another bounce.
If price manages to find support at its current level there is a 6.25% spread back to the previous high.
If price fails to hold there is a 5% spread to the down side for a 50-61.8% retrace coupled with a health sized fair value gap.
Trade Well.....
Price is impossible to predict but we can certainly predict high probability zones for accumulation, distribution, and reversals.
Personally I clearly have a bias to the down side but can not igore the ascending channel that has formed and the possibility of another bounce.
If price manages to find support at its current level there is a 6.25% spread back to the previous high.
If price fails to hold there is a 5% spread to the down side for a 50-61.8% retrace coupled with a health sized fair value gap.
Trade Well.....
