🔥 Ethereum Bounce Potential Or More Downside?
Updated
A while ago I made an analysis on ETH where I discussed the short-term bearish price action and the bounce that might happen from several areas.
As of today, we've reached the bounce area that I indicated in my previous analysis. In my view, we can expect a bounce of a couple of percent, $1600 target or so.
My longer-term expectation is that we will sooner or later fall through the bounce area support and move back towards the blue support area. Recent news has been overly bearish & BTC has more room to fall before it reaches a strong support area.
Be careful trading this initial bounce. Trying to trade reversals during / shortly after high impact news is rarely a good idea.
As of today, we've reached the bounce area that I indicated in my previous analysis. In my view, we can expect a bounce of a couple of percent, $1600 target or so.
My longer-term expectation is that we will sooner or later fall through the bounce area support and move back towards the blue support area. Recent news has been overly bearish & BTC has more room to fall before it reaches a strong support area.
Be careful trading this initial bounce. Trying to trade reversals during / shortly after high impact news is rarely a good idea.
Comment
Bears are taking control. Bounce was around 2% and we're currently falling through the support.
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