Looking at the current position of Eth. sitting between resistance and support and the current uptrend i have two simple ideas. Idea 1: If we close above resistance and follow through with higher high and lower low and ill be looking to buy a break up into the next resistance line identified. Idea 2: Price is rejected and closed below support and shows lower low then expecting a retest of support.
Let me know if I'm crazy here, Peace out.
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We saw the bull break early morning on the 20th after the consolidation during 18th-19th and $1170 showed resistance all the way back through. Bulls would look to still form a higher low to continue up and over the 1100 level. Bears will look to remain in control and probably take profits again through 1000 - 950. When that plays out we will revisit our trend lines and make another idea that includes more recent price data.
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Bearish all around looking for re-test of 1000 and back down.
I agree with the above. I see 1090 instead of 1105 though. I am a bit concerned that the level was not broken yesterday. Overall failure to break the 1100 mark is fairly bearish in my view.
calmdownbro
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@Rudra12, Thank you for that. This level seems to be important, looking for clues in price history we see lots of wics penetrate this level and few large candle bodies.