ETH Hourly Equilibrium is Tight
Bulls still battling EMA 12 hourly resistance and must see another leg up for the bulls to negate the potential for a bear flag.
If we lose these hourly higher lows we are headed to $500 as BTC heads to $6,450.
Currently in small bounce positions and remaining protective against this scenario.
Bulls need to break the high of this bounce to give some confidence on the day and form a bullish reversal candle on the daily.
RSI levels have already cooled off a good deal though BTC still has lower levels.
Look for a spike in volume to give us clear direction this morning.
Remain skeptical of the bulls until they prove themselves with volume and resistance breaks.
If we lose these hourly higher lows we are headed to $500 as BTC heads to $6,450.
Currently in small bounce positions and remaining protective against this scenario.
Bulls need to break the high of this bounce to give some confidence on the day and form a bullish reversal candle on the daily.
RSI levels have already cooled off a good deal though BTC still has lower levels.
Look for a spike in volume to give us clear direction this morning.
Remain skeptical of the bulls until they prove themselves with volume and resistance breaks.
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