ETHUSD 4H FOLLOW UP
Updated
No trade setup here, but just to have a look at Ethereum which just broke down its low from 19/03/2018, finishing to purge the public in what has become a FLAT from 28/01/2018 high. Now the hunt has turned into chasing, of which I am not a big fan. However, no need to get end of the crypto world here as we are all good when it comes to weekly chart with a lot of room on the downside. Looking at ETHBTC, I do not see anything to rejoyce (except to count on a truncated cycle where are right now, but I like to stay factual).
Let see where it lands and we will take it from there.
Let see where it lands and we will take it from there.
Note
Yesterday, we had a nice reaction in 1h time frame but pressure from higher time frame is simply to much for ETHUSD. 5=1 comes in at 391.There are better setup for trades than ETHUSD in my humble opinion for now.
Note
RSI divergence erased in 4h in latest move, so count is not right anymore. Would see 3 waves down with connector (XY) at 640.55-896.00 that projects 407.24-326.35 which give nice confluence with higher degree.
If long, wide stop because daily trade. In 1h time (with 1h stops), no way to buy. 1h is bearish, so is 4h, only daily is bullish.
Note
This one still in the red... But hey, stop below 159.75, so let's relax and enjoy what is next!
Related publications
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.