Long - ETHUSD (1H)
Updated
On 4H chart
- MA is upward; PX yet to extend well above 2SD upper band --> signaling stability of trend, along with moderate width of BB.
- All indicators are bearish except for MACD (which indicates prevalent trend, still in upward)
○ Interestingly, ADX signals upward trend is just picking up now that it's reaching above 25 - which is somewhat contradictory with CCI given how strong CCI has been --> CCI above 100 signals px has been above its average…
- Most worrying is Stoch: which may also trend pullback and potential exit
○ Right now its oscillator is trending downward heavily -- overbought; coupled with lowering volume signals considerable pullback/retracement in the next hours.
○ If history is to learn from, Stoch seems to be more a leading indicator than MACD (which just signals prevailing trend) while stoch signals potential exit/entry points.
§ Risk: it's just a pullback in an upward trend. And since there are major supports at very close levels there's not much reward in store. May look something like the red line beside.
- MA is upward; PX yet to extend well above 2SD upper band --> signaling stability of trend, along with moderate width of BB.
- All indicators are bearish except for MACD (which indicates prevalent trend, still in upward)
○ Interestingly, ADX signals upward trend is just picking up now that it's reaching above 25 - which is somewhat contradictory with CCI given how strong CCI has been --> CCI above 100 signals px has been above its average…
- Most worrying is Stoch: which may also trend pullback and potential exit
○ Right now its oscillator is trending downward heavily -- overbought; coupled with lowering volume signals considerable pullback/retracement in the next hours.
○ If history is to learn from, Stoch seems to be more a leading indicator than MACD (which just signals prevailing trend) while stoch signals potential exit/entry points.
§ Risk: it's just a pullback in an upward trend. And since there are major supports at very close levels there's not much reward in store. May look something like the red line beside.
Note
Key targets ○ Support: strong mirror trendline resistance and psychological resistance at around 140 -- breakout of this may signal bulls giving in to bears. The next support is 138 (Fib) and 135 (previous resistance), then 134, 131 then 130.
○ Resistance: 142-143 (recent testing level, in line with previous resistance), 145(Fib), 146 (prv res) then 149 (recent highest testing level), 150 (psy) and 153 (fib).
Fib retracement from peak 153.48 to 115.50
Note
man oh man what a dayNote
an ongoing indecisive fight btw bull and bear in the range 138.51-141
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.