ETH has produced yet another bearish pin bar which could produce the next leg down in price. This pin bar formed when price attempted to rally but the rally could not be sustained. There have been a number of bearish pin bars in ETH over the past few months on both the daily and intra-day time frames, from which a number of have produced large selloffs. I point out just one of them on my chart where the most recent selloff from the $190's occurred. If price does break down then the next logical supports are $110 (trend line support) and $100 which is a very important support level both in historical context as well as for psychological reasons. Keep in mind that there was a large bullish engulfing bar just a few days ago which could bring strong buying pressure back in if price does attempt to break back down to the $110 level.
Dad of 5 • Dev • Candlestick Whisperer • Crypto class of 2019
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Dad of 5 • Dev • Candlestick Whisperer • Crypto class of 2019
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.