Major test for $ETH on multiple timeframes
Updated
ETH price bounced off of the historical resistance/support level at 0.054BTC a few times and hitting a historical low on the RSI indicator before rebounding and now appears to be in an uptrend. Daily Chart Ichimoku Cloud Analysis:
-We are looking at a bullish future cloud
-Price just crossed above the Tenkan Sen and is headed towards the previous support resistance level around 0.061 which coincides with 61.8% retracement
-Cloud resistance coincides with 50% retracement level and could exist around 0.073
-There's a significant disparity between the Tenkan Sen and Kijun Sen which indicates there will be a correction of some sort
-RSI is in an uptrend from significantly oversold and is just crossing mid-way, which leaves room for the trend to continue. We should be on the lookout for a hidden divergence to confirm the trend continuation. We'll be looking for higher lows on price, and lower lows on the RSI to confirm a bullish trend.
Let's take a look at the 4H Ichi Chart:
4H Ichimoku Cloud Analysis:
-Bearish future cloud (although it is just about to cross if you zoom out)
-Weaker Bullish Tenkan-Kijun cross took place before price entered the cloud
-Price is about to hit resistance at the top of the cloud, which is currently around the 61.8% retracement level
-RSI has entered overbought territory and we should be on the lookout for a standard divergence or failure swing which would indicate a reversal
Let's take a look at the 2H Ichi Chart:
2H Ichimoku Cloud Analysis:
-Bullish future cloud
-Weaker Bullish T-K cross before the cloud, and remains bullish
-Price has broken through both side of the cloud and continues to stay above the Tenkan Sen on the way up, and is nearing potential resistance around the 61.8% retracement
-Potential Failure swing in process on the RSI as it was unable to meet it's previous high in overbought territory. We should be watching for the 2H RSI if it drops below 59% then we could be in the midst of a failure swing and could see a reversal.
Note
Finally broke through 61.8% and has stalled at the 50% retracement...
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