ETHUSD Range Median| Local Trend| $100 Psychological Level

23 mar 2020Evening Traders,

Today’s Technical analysis will focus on distinctive levels on ETHUSD, currently holding its local trend line, a break will likely send it to lower support ($100 psychological level).

Points to consider,
- Trend bearish
- Local trend being tested
- Confirmed bearish retest
- RSI testing support
- Stochastics in lower high projection
- Clear decline in volume

ETHUSD’s immediate trend has been bearish with consecutive lower highs in projection; a break down will establish yet another lower high.

The local trend line is being tested; this is at range median between structural resistance and $100 Psychological support. A re-test of the psychological support will increase if this trend line does not hold.

ETHUSD has had a confirmed bearish retest with a wick, this signals strong sell pressure coming in. The RSI is currently testing support; a break of this level will be in synch with a break of the local trend line.

The Stochastics is currently trading in a lower high projection, still with stored momentum to the downside. ETHUSD also has clear declining volume; this signals an influx being probable, especially when testing key pivot levels.

Overall, in my opinion, if the local trend line breaks, ETHUSD is likely to re-test the $100 psychological level, if buy pressure fails to come in, then this gives us a short opportunity.

What are your thoughts?

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And remember,

“Amateurs think about how much money they can make. Professionals think about how much money they could lose.” – Jack Schwager