Bulls crushed after a clear bear entry on the break of the 4 hour equilibrium yesterday.
Huge fast profit for bears on that dump and ETH is now looking down at the $360 low which is an important support.
The weekly bear flags with follow through were the initial red flags for the bulls and the bear break of the daily equilibrium started the waterfall drop.
We will look for a 4 hour lower high on the bounce attempt and keep in mind that RSI levels can get more extreme if BTC does not have similar levels. Right now BTC 4 hour RSI is 5+ points higher than ETH.
Pateint bulls are waiting for the 4 hour chart and not trying to catch a falling knife.
No bear entries without 4 hour RSI cooling off in my opinion.
Huge fast profit for bears on that dump and ETH is now looking down at the $360 low which is an important support.
The weekly bear flags with follow through were the initial red flags for the bulls and the bear break of the daily equilibrium started the waterfall drop.
We will look for a 4 hour lower high on the bounce attempt and keep in mind that RSI levels can get more extreme if BTC does not have similar levels. Right now BTC 4 hour RSI is 5+ points higher than ETH.
Pateint bulls are waiting for the 4 hour chart and not trying to catch a falling knife.
No bear entries without 4 hour RSI cooling off in my opinion.
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