PRICE ACTION
Last week’s 1W candle came down to test the bottom of the rising channel; as was bought up through the late part of the week and delivered a strong close and a dragonfly doji. Looking at RSI; it has also stepped back to the 50.0 RSI line – representing neutral strength in market. With the 52W MA just below @ $200; this seems like a good place for action to settle down. Look for a period of consolidation prior to price attempting to break back through the 13W MA.
The 5m chart is showing a lot of volatility with rough movements in highs and lows and no clean price action. The RSI, though, has spent the majority of the last 24 hours in the lower section – which represents weakness. Volume is very low...
After the pullback, the 4H is showing signs of an ascending triangle formation – and critically; we can see the volume decreasing overtime with is a factor in creating the impulsive movement from this pattern. Interestingly, this runs counter to the expectation from the 1W chart; with the technical target for a breakout on the 4H bringing the price back to around $300. Unless you are already long on this trading; it probably isn’t worth getting a position until we see a break of the overhead resistance. This pattern is almost full; so, expect action on the horizon.
Finally, the 1D chart could give some insights as to the recent constriction on price. We can see that the price is currently sandwiched between the 91 & 182D MAs (representing 13 & 26 weeks…). The 28D MA has also begun a turn down back toward the retracement region so expect short term to cross bearish over the midturn in the coming days. Again, this is simply a confirmation of information we already know – price has turned down against the previous high. There is no new information from a cross like this...
OPEN INTERESTS (BITFINEX)
Long: 2.49 Days
Short: 0.53 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 235, 249 (13W MA), 272 (28D MA)
Support: 197 (52W MA), 196 (26W MA), 180
PREVIOUS ANALYSIS
Last week’s 1W candle came down to test the bottom of the rising channel; as was bought up through the late part of the week and delivered a strong close and a dragonfly doji. Looking at RSI; it has also stepped back to the 50.0 RSI line – representing neutral strength in market. With the 52W MA just below @ $200; this seems like a good place for action to settle down. Look for a period of consolidation prior to price attempting to break back through the 13W MA.
The 5m chart is showing a lot of volatility with rough movements in highs and lows and no clean price action. The RSI, though, has spent the majority of the last 24 hours in the lower section – which represents weakness. Volume is very low...
After the pullback, the 4H is showing signs of an ascending triangle formation – and critically; we can see the volume decreasing overtime with is a factor in creating the impulsive movement from this pattern. Interestingly, this runs counter to the expectation from the 1W chart; with the technical target for a breakout on the 4H bringing the price back to around $300. Unless you are already long on this trading; it probably isn’t worth getting a position until we see a break of the overhead resistance. This pattern is almost full; so, expect action on the horizon.
Finally, the 1D chart could give some insights as to the recent constriction on price. We can see that the price is currently sandwiched between the 91 & 182D MAs (representing 13 & 26 weeks…). The 28D MA has also begun a turn down back toward the retracement region so expect short term to cross bearish over the midturn in the coming days. Again, this is simply a confirmation of information we already know – price has turned down against the previous high. There is no new information from a cross like this...
OPEN INTERESTS (BITFINEX)
Long: 2.49 Days
Short: 0.53 Days
RELATIVE STRENGTHS
- Micro (5m): Weak
- Short Term (4h): Neutral
- Mid Term (1D): Weak
- Macro (1W): Strong
ON BALANCE VOLUME
- Mid Term (1D): Flat
- Macro (1W): Falling
KEY PRICE AREAS
Resistance: 235, 249 (13W MA), 272 (28D MA)
Support: 197 (52W MA), 196 (26W MA), 180
PREVIOUS ANALYSIS
تعليق:
8% bounce off the $200 support. Not bad.
تعليق:
Price action has recovered back to its initial position. Overall, the main thesis of this analysis remains valid.
Price action has recovered back to its initial position. Overall, the main thesis of this analysis remains valid.
تعليق:
Looking at the 1D chart, price remains fixed between the 13W and 26W moving averages, with the fall in 28D currently creating volatility. We should see a sharp pull down in 28D MA soon; so watch the price action closely for how traders react.
Looking at the 1D chart, price remains fixed between the 13W and 26W moving averages, with the fall in 28D currently creating volatility. We should see a sharp pull down in 28D MA soon; so watch the price action closely for how traders react.
تعليق:
Price has reacted negatively to the 28D moving average. A close below $202 would be bearish, and invalidate the long hypothesis.
Price has reacted negatively to the 28D moving average. A close below $202 would be bearish, and invalidate the long hypothesis.
The 1H chart shows the lower lows forming as ETH follows the wider market. There isn't much support until we get to $200...