ETH price (Dec 15 to Dec 22)
On Dec 15, ETH price continues to show weakness in price action and descend strongly to level 116 within a short span of 3 days. The strong downwards move was also contributed by the price broke off of support formed on 25 Nov, which price closes below the support at 131.45.
We are now looking at prices retracing itself since 18 Dec and the direction is still likely the downwards trend, as there is no signs of reversal for prices to go upwards for now.
Hence, I would prefer to look out for continuation pattern such as the descending triangle that's currently in the making.
Bearish view
- I would expect to see price continues to consolidate for another 2 to 3 more days and potentially see prices closes below 125.5, which i will look to enter into the market.
Targeted take profit may set to level of 116 as this level is the next daily support in Daily Chart - blue dash line as per the chart.
Overview
Bearish view stance.
Feel free to Share your thoughts, ideas about the market under the chart below.
Please do Like it if you agree with this analysis. This will be the best feedback and encouragement for me!
Good trading & We will speak soon!
Leo_X
We are now looking at prices retracing itself since 18 Dec and the direction is still likely the downwards trend, as there is no signs of reversal for prices to go upwards for now.
Hence, I would prefer to look out for continuation pattern such as the descending triangle that's currently in the making.
Bearish view
- I would expect to see price continues to consolidate for another 2 to 3 more days and potentially see prices closes below 125.5, which i will look to enter into the market.
Targeted take profit may set to level of 116 as this level is the next daily support in Daily Chart - blue dash line as per the chart.
Overview
Bearish view stance.
Feel free to Share your thoughts, ideas about the market under the chart below.
Please do Like it if you agree with this analysis. This will be the best feedback and encouragement for me!
Good trading & We will speak soon!
Leo_X
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