Ethereum / EuroShort
Ethereum 4h fractals
Updated
Hi guys,
fractal pattern seems to be forming on eth 4h chart. The rightern solid white lines are just cloned from the leftern ones. If they look slightly different its because tradingview provides automatic scaling when moving them.
As you can see, what's going on right now looks very similar to what happened from January 15th, with about 20 days lag.
The price bounces with extremely high volume, which decreases during the following sideways movement.
The first downtrend line is still intact, and we still are below the MA100, the green line.
Stochastic RSI confirms downwarding direction, with a pattern which is again very very similar to the past one.
We should pay very close attention to price movements and see what happens by the end of the triangle. Bears seem not to be done yet, so I'm short right now.
But a breakout above the MA100 and first downtrend line, if accompanied by high volume, will be a very bullish confirmation signal, so do not forget to post your stop loss.
Please feel free to leave your thoughts and comments, thank you.
fractal pattern seems to be forming on eth 4h chart. The rightern solid white lines are just cloned from the leftern ones. If they look slightly different its because tradingview provides automatic scaling when moving them.
As you can see, what's going on right now looks very similar to what happened from January 15th, with about 20 days lag.
The price bounces with extremely high volume, which decreases during the following sideways movement.
The first downtrend line is still intact, and we still are below the MA100, the green line.
Stochastic RSI confirms downwarding direction, with a pattern which is again very very similar to the past one.
We should pay very close attention to price movements and see what happens by the end of the triangle. Bears seem not to be done yet, so I'm short right now.
But a breakout above the MA100 and first downtrend line, if accompanied by high volume, will be a very bullish confirmation signal, so do not forget to post your stop loss.
Please feel free to leave your thoughts and comments, thank you.
Note
MACD confirms downward movement.
Note
A zoom in.
This is not fractal pattern, this is a deja vu.
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