ETH Divergence building upAs my previous major analysis still stands:
We are now approaching the pivot for the reversal,
immediate drop to the major support, i'm expecting a swift move down straight to 85€ with a weak bullish response that will push us further down the drain, the final target from my previous analysis still remains valid, and is projected here on this chart.
Mid 70 to low 60 euro is where i expect a angry bull to step in and give the bears bit of smacking.
Another thing i noticed is that the trendline of my experimental chart high frequency 2.0 where we got the initial bounce off, is interestingly enough aligning at the very same target range if we would get a aggressive drop, around 73€.
In my wyckoff analysis i came to the conclusion:
Comment: Just FYI as i mentioned earlier, the recent low of 88€ could be one of the secondary tests, which means it's possible that we will have another dip. We need to see more followthrough here.
All clues, including my fractal analysis on the pennants in this bear markets are solidifying my conclusion.
Any attempt to rally of here will be stopped out at either triangular trendlines (98-101€) , if we happen go sideways outside of the triangle then expect a later break to the downside, we have seen this happen and people gets baited in.
As we continue to build up the divergence we will pop off when we hit my downside target and have a change in momentum with a larger upside.
First of we need to see how the price responds at the trendlines and my bottom that i have drawn out.
