Conflicting signals

ETH closed below Monday’s low on Tuesday which creates a pattern with a strong probability of more downside.

As I’ve noted reasonable targets for more downside are .0225-025 BTC range (with BTC around 440-445 USD).

If we get below .020 BTC then the upside bias for ETH in the near term has to be questioned.

If ETH is to continue following the current strong upside pattern, you would expect most pullbacks to be shallow and short lived.  Dropping from .034 to below .020 is not a shallow drop.

As of now, more downside is the higher probability. This missed opportunity to reverse and go higher has me looking for other red flags that the upside potential for ETH  (both short and intermediate term) is not what the recent pattern targeted that might call for me to change my investment strategy.

 

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