Potential bearish cycle underway as 
ETH receives it's first candle close under 3600.
Price formed a down-step pattern which increased sell momentum as long-term extreme low -> wedge -> 3600 support were broken (see 1/01 post for reference).
Momentum was also increased due to the fact that wedge support crossed below long-term extreme low (see 1/04 post for reference).
These triggers make it less likely that a recovery will occur any time soon.
That said, I call this a potential downtrend because I don't believe we've hit that 'breakout' point yet. Yes we dipped below 3600 but 3300 support is holding in with a possible hammer recovery to D1 200EMA. From a visual standpoint I would consider a drop to 2950-3k to be the reversal signal but that's more opinion-based.
Due to the fact that I was out most of yesterday, I did not sell my wholeETH portfolio at the sight of this dip. I sold half at first close (~3500) and plan to wait it out to see where this is headed. One indicator to use is the open on 1/07 daily candle (red = likely dip) although keep in mind that there are many factors to consider.
ETH receives it's first candle close under 3600.Price formed a down-step pattern which increased sell momentum as long-term extreme low -> wedge -> 3600 support were broken (see 1/01 post for reference).
Momentum was also increased due to the fact that wedge support crossed below long-term extreme low (see 1/04 post for reference).
These triggers make it less likely that a recovery will occur any time soon.
That said, I call this a potential downtrend because I don't believe we've hit that 'breakout' point yet. Yes we dipped below 3600 but 3300 support is holding in with a possible hammer recovery to D1 200EMA. From a visual standpoint I would consider a drop to 2950-3k to be the reversal signal but that's more opinion-based.
Due to the fact that I was out most of yesterday, I did not sell my whole
ETH portfolio at the sight of this dip. I sold half at first close (~3500) and plan to wait it out to see where this is headed. One indicator to use is the open on 1/07 daily candle (red = likely dip) although keep in mind that there are many factors to consider.
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