ETHUSDT Ahead of the 2022 Bear Cycle Resistance test!
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For this particular analysis on
ETHUSDT we are using the ETHUSDT symbol on the OKX exchange.
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The idea is on the 1D time-frame whereETHUSDT hit today the 1D MA100 (green trend-line) for the first time since September 18 and by doing so it also broke above the Triangle pattern top (Lower Highs trend-line), which has been holding since August 14 (dashed lines).
So far this represents roughly a +15% rise on a daily basis and that strong push brings the price a few steps before the ultimate Resistance test: The Lower Highs trend-line since the December 01 2021 High, which is basically the Resistance level that has been dictating the major rejections during this 2022 Bear Cycle. Needless to say this is critical and a break above it can potentially signal the start of the new Bull Cycle along with a closing above the 1D MA200 (orange trend-line).
Notice how the 1D RSI projected today's rise as it happened right after it broke above its Lower Highs trend-line. See how a similar Lower Highs break-out on July 04 and January 30, kickstarted major medium-term rallies. This allows us to project a rough estimate as I have plotted both bullish sequences on today's price action after the RSI Lower Highs break-out. Interestingly enough, both show a medium-term target within 2150 - 2200.
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For this particular analysis on
ETHUSDT we are using the ETHUSDT symbol on the OKX exchange.*** ***
The idea is on the 1D time-frame where
ETHUSDT hit today the 1D MA100 (green trend-line) for the first time since September 18 and by doing so it also broke above the Triangle pattern top (Lower Highs trend-line), which has been holding since August 14 (dashed lines).So far this represents roughly a +15% rise on a daily basis and that strong push brings the price a few steps before the ultimate Resistance test: The Lower Highs trend-line since the December 01 2021 High, which is basically the Resistance level that has been dictating the major rejections during this 2022 Bear Cycle. Needless to say this is critical and a break above it can potentially signal the start of the new Bull Cycle along with a closing above the 1D MA200 (orange trend-line).
Notice how the 1D RSI projected today's rise as it happened right after it broke above its Lower Highs trend-line. See how a similar Lower Highs break-out on July 04 and January 30, kickstarted major medium-term rallies. This allows us to project a rough estimate as I have plotted both bullish sequences on today's price action after the RSI Lower Highs break-out. Interestingly enough, both show a medium-term target within 2150 - 2200.
-------------------------------------------------------------------------------
** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
You may also TELL ME 🙋♀️🙋♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁
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