3 possible path i see playing out here. Manage your trade with possible structures.
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Needs to close above 1630 on the 4 hr to keep bull trend in tact or we will likely see further downside.
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Closed above 1630. I think we range for another day before we make a move out of this current range.
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Bullish green rejected.
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Looks like we're going to purple path. Manage your trade. Slight 4 hr bear div printing on the RSI.
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Bearish divergence denied. Looks about time to long your longs. Manage accordingly.
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RSI holding trend line so far. Upwards consolidation.
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Again some bearish divergence. The apex of this move should play out soon.
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Apex of this move. February 15h. I'm still bull bull bull, but just being cautious here. Watch for closes below the trend line to signify a reversal/correction. Hoping it still follow the purple line.
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RSI breaking out to the upside!
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Price and RSI needs to hold here to parabolic ascent.
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Possible leading diagonal in red. Parabolic ascent in green. If you're in it manage your stops accordingly. If you're waiting to buy, possible opportunity incoming.
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Looking rather suspect. This recent drop did trigger a lot of stop right above 1655. If it want to move higher it needs to do it here. Otherwise I think we see a good sized correction. Hope you have some dry powder to long your longs.
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Given what BTC is doing, we can only assume that ETH will catch up. It's been ranging for longer than I expected. I expect (hope) to see a big mark up soon.
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RSI looks good. It's been a slow mover, but finally moving up. Strong support at 1750 area.
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Still closed in the wedge. Let's see if this can hold. Otherwise we go on for a little downward journey.Note
Sitting on RSI support. Hold here or the downward journey starts. POC is sitting at 1200's for this structure.
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Also volume has been drying up a bit on the rise up. We need some serious sell volume to kick in for a bit of a reset imo.Note
Not a good close. I think the trend is over for now and correction is in order. Closing this trade.
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Daily break.
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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.