This is a reverse ETHUSD chart.
ETH USD is playing a simple bounce off from an old weekly S/R flip level. This is supported with the idea of Higher Highs and Higher Lows (yellow boxes).
Nothing more, nothing less.
The first major resistance on the weekly which I see is around $112.
The only reason I'd long it would be after a long wick above the 153ish level...
This is how I see ETH from the weekly perspective.
This is a ETHUSD weekly REVERSE chart.
A weekly close above the red line and moon on the reverse possible lol
Nothing more, nothing less :)
The only thing to add is that the drop will not last forever. There will be the "one last bounce off" after which the ETH will pump.
In theory it should be below the double lows though. If not now then later but double lows just hate it if they are not broken or at least tapped.
I think I may have found the killzones for crypto. All hours are in CET (Central European Time).
During killzones volume is injected to the market on regular basis (every day at the same time) and:
1. day high or day low may be created
2. there may be a shift from bearish to bullish (rejection/bounce off)
3. key resistance areas may be broken
4. for a dull day...
