ETHBTC |Key Level | Apex | Double Bottom
Today's analysis – ETHBTC – consolidating at local support, nearing its apex as resistance converges
Points to consider:
- Trading at a key level (Apex)
- 21 EMA (visual guide)
- Double bottom
- RSI neutral
- Stochastics overextending
- Flat volume
ETH is trading at a key pivotal level, as support and resistance converge, a break in either direction is imminent. Price failing to break in either direction with multiple failed attempts substantiates both, local support and resistance as strong levels, indicative of the apex conducing high volatility.
Further price development will allow the 21 EMA to act as a visual guide assisting determine the immediate direction of the market. Price trading above the EMA perceived bullish and below considered bearish.
A possible double bottom formation is feasible and solidified with a bullish break of the down-sloping resistance, however, a break bearish below local support will negate the pattern.
RSI is neutral, further price development will allow for directional bias, coinciding with the probable breakout.
Stochastics are reaching oversold conditions and may remain oversold for some time, however, a valid buy cross will indicate momentum shifting on the macro time frame with stored momentum to the upside.
Volume is flat and has been average for some time, usually indicative of an influx being imminent, likely to coincide with the breakout.
Overall, in my opinion, ETHBTC is consolidating at a key level with impending volatility expansion, validating a trade in either direction as price breaks from its apex. Technical targets being daily resistance (long) or daily support (short).
What are your thoughts?
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
Points to consider:
- Trading at a key level (Apex)
- 21 EMA (visual guide)
- Double bottom
- RSI neutral
- Stochastics overextending
- Flat volume
ETH is trading at a key pivotal level, as support and resistance converge, a break in either direction is imminent. Price failing to break in either direction with multiple failed attempts substantiates both, local support and resistance as strong levels, indicative of the apex conducing high volatility.
Further price development will allow the 21 EMA to act as a visual guide assisting determine the immediate direction of the market. Price trading above the EMA perceived bullish and below considered bearish.
A possible double bottom formation is feasible and solidified with a bullish break of the down-sloping resistance, however, a break bearish below local support will negate the pattern.
RSI is neutral, further price development will allow for directional bias, coinciding with the probable breakout.
Stochastics are reaching oversold conditions and may remain oversold for some time, however, a valid buy cross will indicate momentum shifting on the macro time frame with stored momentum to the upside.
Volume is flat and has been average for some time, usually indicative of an influx being imminent, likely to coincide with the breakout.
Overall, in my opinion, ETHBTC is consolidating at a key level with impending volatility expansion, validating a trade in either direction as price breaks from its apex. Technical targets being daily resistance (long) or daily support (short).
What are your thoughts?
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
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