ETH: Careful with a triangle breakdown and DUMP.
ETHUSDT has significantly dropped since the ATH of may the 15th.
with a 60% drop and $2650 down in only 8 days before hitting a local bottom and recovering until the current triangle was formed.
This powerful downtrend seems to be stopped right now, as we form this triangle, volume keeps steady.
This triangle may soon breakdown, I'm basing this bearish scenario on the following:
Based on this I believe this breakdown will be followed by a small bounce from the area of support that consists of previous resistance of 2K to 1.5K range, the 180 EMA, and the Ichimoku cloud.
If this bounce is rather weak we will probably continue the downward pull.
with a 60% drop and $2650 down in only 8 days before hitting a local bottom and recovering until the current triangle was formed.
This powerful downtrend seems to be stopped right now, as we form this triangle, volume keeps steady.
This triangle may soon breakdown, I'm basing this bearish scenario on the following:
- The current trend is bearish
- Bearish Kumo twist has already formed ahead
- The rather bearish Price action of the few last days
Based on this I believe this breakdown will be followed by a small bounce from the area of support that consists of previous resistance of 2K to 1.5K range, the 180 EMA, and the Ichimoku cloud.
If this bounce is rather weak we will probably continue the downward pull.