Watch out! ETHUSD with negative divergence on 1D

We are witnessing first major bump in this bull market. ETH topped just under $1500 and created major gap down to support zone at $1050. That was also break down from rising wedge which is very bearish sign. Additional to that, ETH technical picture could turn very negative if ETH closes below next support at $1120. RSI is showing negative divergence on daily chart which could create a down move to the next major support of $620. I marked $620 as there was very strong volume/momentum support (5x retest, 1 major break up) + also 0.618 fib support. There is also the last red weekly candle we have seen from the beginning of DEC 20.
We are going to witness some more scalps on the way, so don’t get carried away, but keep an eye on the big picture.

Commentaire:

ETH making HH, if price falls under previous low, this play is still valid.