Eth price action analysis and possible short entry
Following the breakdown of the wedge, price is currently situated in the blue box where it could hang around a little.
I don't really expect a bounce upward out of this zone.
However, if we do have a bounce and break out of the blue box it is likely because the NPOC at 1818 is attracting the price.
In that case I would not expect the bounce to go any higher than that, at maximum.
For that reason, I think such a move upward should not be misinterpreted as bullish price action, because I would assume price to go back down quite quickly after tapping the NPOC.
**If** it does touch 1818, I would look closely at how it reacts at that point and consider whether or not my thoughts as described above are correct in the context of the market at that time. If so, I would consider a short entry. - **NFA**
My bias is bearish, as is legitimized by the macro trend being bearish. So my expectation is we break down out of the blue zone.
There is some support at 1631. I think it is weak support, and expect the weak support to push us upwards to test previous support.
**If** it is confirmed previous support has flipped to resistance, I would consider that confirmation to be short entry. - **NFA**
Due to the volume, the descent to the next important support (1520) would not be a steep descent.
Below 1520, headed to 1354, there is some volume, but there also is a low volume zone starting at 1444.
When price enters these zones, in my experience, it tends to drop quite steeply.
As you can see, there is another low volume zone between 1354 and the bigger POC at the bottom.
So there are a few situations that could develop here which in my opinion could give rise to good short entries.
But as always these are just my interpretations and do not serve as financial advice, as they could be missing the mark entirely.
I don't really expect a bounce upward out of this zone.
However, if we do have a bounce and break out of the blue box it is likely because the NPOC at 1818 is attracting the price.
In that case I would not expect the bounce to go any higher than that, at maximum.
For that reason, I think such a move upward should not be misinterpreted as bullish price action, because I would assume price to go back down quite quickly after tapping the NPOC.
**If** it does touch 1818, I would look closely at how it reacts at that point and consider whether or not my thoughts as described above are correct in the context of the market at that time. If so, I would consider a short entry. - **NFA**
My bias is bearish, as is legitimized by the macro trend being bearish. So my expectation is we break down out of the blue zone.
There is some support at 1631. I think it is weak support, and expect the weak support to push us upwards to test previous support.
**If** it is confirmed previous support has flipped to resistance, I would consider that confirmation to be short entry. - **NFA**
Due to the volume, the descent to the next important support (1520) would not be a steep descent.
Below 1520, headed to 1354, there is some volume, but there also is a low volume zone starting at 1444.
When price enters these zones, in my experience, it tends to drop quite steeply.
As you can see, there is another low volume zone between 1354 and the bigger POC at the bottom.
So there are a few situations that could develop here which in my opinion could give rise to good short entries.
But as always these are just my interpretations and do not serve as financial advice, as they could be missing the mark entirely.
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