Practice risk management!
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White rising trend line still being respected that's been created since June. Watch for daily closing over the next few days to stay over $6200. If invalidated, I expect a retest of $6100 support and potentially lower. Your next sell signal may be the break of this white (multi-month) trend line. Not investment advice
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Remember that we are still well within the bounds of the OB. Now that we're significantly lower than the 50% fib of the OB ($6650), this implies we are slightly more bearish than before. The more time we spend under the 50% OB and breaking down rising price movements, the higher the chances are we have push to retest prev. June lows of $5800 and potentially break that and create YTD low of $5500.
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Potential bear flag on the 1h
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You can see that we are still within the rising white trend line as marked by yellow circles. If we close this daily candle (blue) around $6200-6250 (any exchange) we will continue the higher low trend set from June's YTD low. This does not make us bullish but at least neutral and not bearish. Remember that price action must be viewed in context of multiple time frames and confluence of many factors that almost create a list of pros/cons to give you a bigger picture of the price structure and provide supporting evidence for a near term price movement.
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If the white trend line is breached (on the daily), I think that's your sell signal to catch it for a break toward $5800. Not investment advice.
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We seem to be completing a rounded move for ETH here from the previous jump at $167 back in September. Watch for the same level over the next week. Obviously this all completely depends on BTC.
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Still holding tightly to rising white trend line. I'd like to see if we can cleanly close above or below it on today's daily.
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200MA (red) curls down right around the $10.4k area. If we do break up I'd look to see if we can cross above that 200MA. Look to this area to make sure we don't get bull trapped there.
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While the 50/100/200 MA of BTC spot have all curled down (bearish) these same MA's are curling up. Meaning the shorts/bears are defending their positions a lot stronger than the bulls.
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