ETH is looking so bad I wonder if we aren't going to reverse sharply from here. If we reverse from current area up to .02108 area and reject I think the setup shown makes sense. We could see it test down to the weekly demand area which acted as support in 2019. Indicators for trend are showing clear sell signals on the 1D and lower time frames.
I don't see any reason to long until we test this area with how things are looking. Now if BTC finds a range in the next week and chills out and we reclaim the above red box and begin consolidating there I would say that invalidates my short idea. What I'm looking for is a test up and sharp rejection from lower portion of red box. If we don't get that I would probably be leaning toward closing any short positions to see what unfolds. This market can catch anyone off sides in a minutes notice, so trade safely and use proper risk management. It's the only way to win at this game.
I don't see any reason to long until we test this area with how things are looking. Now if BTC finds a range in the next week and chills out and we reclaim the above red box and begin consolidating there I would say that invalidates my short idea. What I'm looking for is a test up and sharp rejection from lower portion of red box. If we don't get that I would probably be leaning toward closing any short positions to see what unfolds. This market can catch anyone off sides in a minutes notice, so trade safely and use proper risk management. It's the only way to win at this game.