ETHUSD Analysis 7/11/2021
Update from previous idea:
ETH has played out exactly as spoken about about in the previous analysis. I was looking for a drop below my grey line with a bearish retest in the short term, we got that. usually when this happens on a weekend price will continue to slowly drop as the volume is not there to push it back up, surprisingly today has been extremely bullish!
we have broken back above the grey line with a bullish retest however we are testing it as support a lot in the past few hours, this looks good but we need to see another push to the upside to give us some breathing space.
couple of things to note here, RSI looks topped out after today's momentum AND....CME GAP, said it last time and we perfectly came down to close it before having a great week, my big concern is the CME is 4550, below where we currently are but more importantly below the grey trend line again so if we go to hit it further downside is definitely possible. I have marked 2 possible support areas (blue), really all we need to see here is a higher low, we break the previous low there then the amber/red lines are in play, at that point I will be loading up for a huge long back to the upside.
if we keep pumping look for rejection off of this red upward sloping trend line, that is pretty much the only resistance we have at that point as we will be in price discovery. time will tell!
ETH has played out exactly as spoken about about in the previous analysis. I was looking for a drop below my grey line with a bearish retest in the short term, we got that. usually when this happens on a weekend price will continue to slowly drop as the volume is not there to push it back up, surprisingly today has been extremely bullish!
we have broken back above the grey line with a bullish retest however we are testing it as support a lot in the past few hours, this looks good but we need to see another push to the upside to give us some breathing space.
couple of things to note here, RSI looks topped out after today's momentum AND....CME GAP, said it last time and we perfectly came down to close it before having a great week, my big concern is the CME is 4550, below where we currently are but more importantly below the grey trend line again so if we go to hit it further downside is definitely possible. I have marked 2 possible support areas (blue), really all we need to see here is a higher low, we break the previous low there then the amber/red lines are in play, at that point I will be loading up for a huge long back to the upside.
if we keep pumping look for rejection off of this red upward sloping trend line, that is pretty much the only resistance we have at that point as we will be in price discovery. time will tell!
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