ETH bearish - potential opportunity as market polarity changes
ETHUSD broke through horizontal support at $116.23, which has confluence with Volume Profile POC (point of control) and also head and shoulders neckline. Now expected to be major resistance.
Support has been found at next horizontal support ($104.86), although substantial amount of resistance/pressure from Volume Profile HVN (High value nodes) is present above current price action.
Volume Profile shows very little support below the ~$100 range denoting if we break that area price action could fall fast.
On the other hand, an order block originating from May 2017 shows tremendous confluence with past price action finding major support in this area: $98-$86) in recent swing low. However, when viewed in tandem with such little support from low volume nodes and RSI rejection, it is probable support will not be found at the top of the order block and more likely inside of it.
RSI has been rejecting the neutral control zone (45) denoting return to bearish control zone, with little divergence between highs and lows.
EMAs are trading below the 200 MA and being used as resistance.
This is the first time trading above "big picture" market trend line since august 10th, 2018, which indicates we are coming to a critical moment.
If we break below this next order block next major support will be found at $51, marked by horizontal line. Polarity may still have changed by trading above major trend line with price action respecting that as support until the lower $51 support is found, which would intersect March 7th 2018.
Recommendation is to enter a long position after confirmation with support inside the $98-$86 order block. Especially if we break out of it and use as support. On the other hand, if we fall below the order block (-$86) I would wait for price action to close back inside of it before opening a long position.
Support has been found at next horizontal support ($104.86), although substantial amount of resistance/pressure from Volume Profile HVN (High value nodes) is present above current price action.
Volume Profile shows very little support below the ~$100 range denoting if we break that area price action could fall fast.
On the other hand, an order block originating from May 2017 shows tremendous confluence with past price action finding major support in this area: $98-$86) in recent swing low. However, when viewed in tandem with such little support from low volume nodes and RSI rejection, it is probable support will not be found at the top of the order block and more likely inside of it.
RSI has been rejecting the neutral control zone (45) denoting return to bearish control zone, with little divergence between highs and lows.
EMAs are trading below the 200 MA and being used as resistance.
This is the first time trading above "big picture" market trend line since august 10th, 2018, which indicates we are coming to a critical moment.
If we break below this next order block next major support will be found at $51, marked by horizontal line. Polarity may still have changed by trading above major trend line with price action respecting that as support until the lower $51 support is found, which would intersect March 7th 2018.
Recommendation is to enter a long position after confirmation with support inside the $98-$86 order block. Especially if we break out of it and use as support. On the other hand, if we fall below the order block (-$86) I would wait for price action to close back inside of it before opening a long position.
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