$ETHBTC not looking great at the moment
Updated
Across many time frames, we are seeing bearish divergences forming. My trading plan is best laid out on this 12 hour chart.
ETH has been ranging between two daily levels since the beginning of May (.078-.088) Above the .078 support we see a long standing bullish order block, however, seeing bearish divergences on the RSI and CMF below a daily resistance and daily bearish order block is not a good sign. I would expect to see a failed test of the bearish order block/daily resistance above—where I hope to accumulate some short positions. I do not expect to see the daily support/bullish order block to hold and am targeting a series of bullish OBs which are sitting on top of other key daily support levels.
This is not a good sign for alt coins. I continue to carefully watch BTC and ETH to better place myself in long positions in the alt coin markets. In this current environment, alt trading is not a great decision IMO. As I have said before, I would rather have BTC ready to buy dips, or prepared to buy a bullish breakout than risk riding a bearish trend in an alt.
ETH has been ranging between two daily levels since the beginning of May (.078-.088) Above the .078 support we see a long standing bullish order block, however, seeing bearish divergences on the RSI and CMF below a daily resistance and daily bearish order block is not a good sign. I would expect to see a failed test of the bearish order block/daily resistance above—where I hope to accumulate some short positions. I do not expect to see the daily support/bullish order block to hold and am targeting a series of bullish OBs which are sitting on top of other key daily support levels.
This is not a good sign for alt coins. I continue to carefully watch BTC and ETH to better place myself in long positions in the alt coin markets. In this current environment, alt trading is not a great decision IMO. As I have said before, I would rather have BTC ready to buy dips, or prepared to buy a bullish breakout than risk riding a bearish trend in an alt.
Trade active
Continued Bearish regular divergence signifying reversal. This will greatly effect alts in the short term. I continue to be on the sidelines minus a small BTC position to begin averaging entries.
Note
Edit to above: A cross of the DI- over the DI+ would be the short signal to watch out for. Confirmation with the ADX crossing 25. DI- is pushing upwards on the 4 hour.
Note
ETHBTC Daily RSI showing potential for a bearish failure swing if we cross that horizontal on the rsi
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