Hello traders .
let's talking about ETH because , ETH have a very nice chart
here is 1D chart:
https://www.tradingview.com/x/FToCzkAx/
as you can see in the chart there is very obvious W pattern in the daily chart , and also price breaks the neck line of W pattern , but the question is , where is the volume to proof this pump ??!!!.
in the daily chart you can clearly see there isn't any huge volume in this run up ; also price already broken the key level and running into the big resistance level at weekly ( red box) but we haven't seen any considerable volume in this run up.
there is high chance for ETH price to comes back into 1 fib level and retest it because is also the neck line of the W pattern.
here is the 4H time frame :
https://www.tradingview.com/x/cYSXOBEu/
in the 4H time frame we can see price have very big bearish divergence !! this isn't good thing for ETH and there is high chance to comes back and retest of 0.382 fib level in that level we have 3 points of confluence:
1_ 0.382 fib level.
2_ daily support and also neckline of the W pattern.
3_ 21ema as you can see below :
https://www.tradingview.com/x/RZGQqT7t/.
so I personally thinking ETH price can retrace to 2400 level.
I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas
let's talking about ETH because , ETH have a very nice chart
here is 1D chart:
https://www.tradingview.com/x/FToCzkAx/
as you can see in the chart there is very obvious W pattern in the daily chart , and also price breaks the neck line of W pattern , but the question is , where is the volume to proof this pump ??!!!.
in the daily chart you can clearly see there isn't any huge volume in this run up ; also price already broken the key level and running into the big resistance level at weekly ( red box) but we haven't seen any considerable volume in this run up.
there is high chance for ETH price to comes back into 1 fib level and retest it because is also the neck line of the W pattern.
here is the 4H time frame :
https://www.tradingview.com/x/cYSXOBEu/
in the 4H time frame we can see price have very big bearish divergence !! this isn't good thing for ETH and there is high chance to comes back and retest of 0.382 fib level in that level we have 3 points of confluence:
1_ 0.382 fib level.
2_ daily support and also neckline of the W pattern.
3_ 21ema as you can see below :
https://www.tradingview.com/x/RZGQqT7t/.
so I personally thinking ETH price can retrace to 2400 level.
I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas
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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.
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.