ETH dumped hard this morning on the US CPI news so let's talk about the chart.
Things to note:
- price action back below LT downward slopping trendline (once again resistance)
- price below 50SMA bearish
- price below 9 & 21 SMAs, bearish
- next bear target range $1490 - $1520
I mentioned the other day what ETH did back at the Aug top once price got below the 9SMA and the 9 starting slopping down ON THE 4HR, and warned of that happening this week. It happened & we got the dump.
Now the 9 on the DAILY TF is slopping down and price is below. Look at Aug 17 - 19 for reference of how that COULD play out (it's not pretty).
I'm saying COULD because we do not know what will happen and therefore cannot be rigid.
We take what the market gives, not pray for what we want.
IF price gets down to my bear target, I'd expect a bounce since we are already oversold on the lower TFs.
But as I stated in Disc, the FED now has the door wide open for a large rate raise next week Sept 21, so it's not looking bullish.
See my earlier work for my LT thesis & bear flag targets on ETH, BTC, NASDAQ & S&P500, but understand they are targets & NOT certainties.
Things to note:
- price action back below LT downward slopping trendline (once again resistance)
- price below 50SMA bearish
- price below 9 & 21 SMAs, bearish
- next bear target range $1490 - $1520
I mentioned the other day what ETH did back at the Aug top once price got below the 9SMA and the 9 starting slopping down ON THE 4HR, and warned of that happening this week. It happened & we got the dump.
Now the 9 on the DAILY TF is slopping down and price is below. Look at Aug 17 - 19 for reference of how that COULD play out (it's not pretty).
I'm saying COULD because we do not know what will happen and therefore cannot be rigid.
We take what the market gives, not pray for what we want.
IF price gets down to my bear target, I'd expect a bounce since we are already oversold on the lower TFs.
But as I stated in Disc, the FED now has the door wide open for a large rate raise next week Sept 21, so it's not looking bullish.
See my earlier work for my LT thesis & bear flag targets on ETH, BTC, NASDAQ & S&P500, but understand they are targets & NOT certainties.