Dear Johns,
The ETHUSD chart looks similar to the BTC chart, however it has already retraced for most of it's primary trend. The 600 area is of the importance. It must be gained in order to attempt to re-enter the bullish trend. Failing to do so, will likely cause a retracement back to the 420 levels and possibly lower. Because the high has been lost, I think it's likely that price drifts lower back into the 300s.
The Monthly View shows us an incredibly important level around 285 that must hold to stay longer term bullish. Losing this level would be very bad for bulls.
The Primary Weekly Trend did manage to close lower, which is concerning for the bulls. It suggests that the bounce from 390s is currently just a momentum exchange, attempting to offset the bearish momentum down from the 1400s.
High Lost
The Daily Perspective recently tested a significant level of support that was previously lost on the weekly chart. the 550s area is getting a strong rejection, as expected. The likely target of this rejection is the low 420s.
I just can't do this anymore John...
-Dope
Trade stängt: målet nått:
Close enough