I Believe that a decent bounce is on the way as Ethereum approaches the bottom of this trading range. R
Reason for my SCALP shorts:
1) Clean lows at the bottom 106.2 serves as liquidity
2) 118 Is a daily resistance and previously flip between Support and Resistance on the 4HR time frame. Since we are below price now, expecting it to serve as resistance.
3) Top of this descending channel
That being said, i do believe we will see a more significant bounce from the demand zone we just tapped. Bullish daily divergence on both RSI and volume oscillator shows that sellers are exhausted.
And usually when a bottom is formed, we trap bottom shorters.
Invalidation to my thesis, a High time frame close over 104.
Reason for my SCALP shorts:
1) Clean lows at the bottom 106.2 serves as liquidity
2) 118 Is a daily resistance and previously flip between Support and Resistance on the 4HR time frame. Since we are below price now, expecting it to serve as resistance.
3) Top of this descending channel
That being said, i do believe we will see a more significant bounce from the demand zone we just tapped. Bullish daily divergence on both RSI and volume oscillator shows that sellers are exhausted.
And usually when a bottom is formed, we trap bottom shorters.
Invalidation to my thesis, a High time frame close over 104.
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Live update of trap shorters
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Pink line was last swing low, no 4 hour close below it, creating a Swing failure pattern.