Wednesday Prep

Going into yesterday I had a bull/bear zone at 77.25-79.25. Below there put the current range extreme zone at 62.00-63.50 in the sights. The move down fell a few ticks short of that zone and saw a fast short covering move back up into the bull/bear zone, which was tested several times, saw a pullback into the initial support and a further attempt higher into the close but failing to break above leaving a poor high.

Overnight has traded lower since the ETH open, pushing down into the critical range support zone at 62.00-63.50 and making a new low for the month. The range is currently 2577.00-62.00 versus settlement at 2578.00.

As mentioned a few times recently, holding below the 62 level could see a long liquidation break down and see shorts push lower. For the intermediate time frame to remain bullish I'd want to see the 2549.00 level hold, which was last month's mid, VPOC and POC. If the market cannot hold below 62.00, shorts will be trapped and we could see a covering rally, though looking for sellers to step in at today's red zones. A rally back up through the 72.50 level puts the overnight high next target and the poor high and bull/bear zone next, which will bring more buyers in above. 

Today's zones of interest: