ETH 4h bullish flag - not uptrending yet. Brief shorting shot
Updated
ETHUSDETH price entered a clear bullish flag structure, and it's almost time to break the structure (within 2-3) days.
It seems that the top structure is rejecting ETH, which might be forced to move down to $650 support.
MACD is < 0 showing we are still in a 4h downtrend
RSI is approx 50, and apparently reversiting below 50, showing a possible downtrend confirmation
Stochastic is approaching Overbought, if it gets exhausted, it will downtrend, unless enough volume transform it into an uptrend.
The volume profile is showing a the largest volume support in the 520 support area, and strong support at 680.
I would assume that ETH is going down today to 650 support, I see a few 4h candles opportunity to short (but I would bet a small amount), since the price direction is still stuck into the triangle structure.
Otherwise, the best option is to wait until price breaks structure.
Once there is a significant price change, I'll update this chart or create a new one.
Trade active
The picture above is a prediction that the price is going downward reaching ETH 660, if not even 650.
We might see consolidation at 680
At 650-660 we have a strong resistance due to structure and EMA@233.
Further price prediction: once the price reaches target price at 660.
Momentum appear to start reversing into bullish, the price starts to show a slight bullish divergence, which could start powering bulls after finishing this downfall. The price should go down to 650-650, then bump back to 700, and finally, toward the end of this week (on May 25-26) break structure.
Trade closed: target reached
Shorting to 650 worked as predicted.Actually the price broke 650 resistance and currently peaked at 625.
Closing this trade.
I'll open a new idea once price can be predicted more accurately, for now, I suggest not to trade and wait for further predictions ideas.
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