Ethereum breaks trendline after forming H & S
Updated
Short Hypothesis:
Ethereum broke the diagonal price trendline after it formed a Head & Shoulders. However the OBV is currently testing its trendline. OBV breaking this trendline will confirm downward action of ETHBTC.
The volume indicator shows large selling activity above its moving average in the past few weeks. The VPVR has lot of interesting in the current support area of 0.021 BTC but if this support breaks then the price will crash to 0.02 BTC and even to 0.019 BTC due to low VPVR interest in that region.
Long Hypothesis:
If the current correction holds the support then the price will move up to test the next resistance at 0.023 BTC. The hash rate has also been increasing steadily even during this correction showing large interest from the miners.
bitinfocharts.com/comparison/ethereum-hashrate.html
Note: This is not financial advise. Please do your own research.
Ethereum broke the diagonal price trendline after it formed a Head & Shoulders. However the OBV is currently testing its trendline. OBV breaking this trendline will confirm downward action of ETHBTC.
The volume indicator shows large selling activity above its moving average in the past few weeks. The VPVR has lot of interesting in the current support area of 0.021 BTC but if this support breaks then the price will crash to 0.02 BTC and even to 0.019 BTC due to low VPVR interest in that region.
Long Hypothesis:
If the current correction holds the support then the price will move up to test the next resistance at 0.023 BTC. The hash rate has also been increasing steadily even during this correction showing large interest from the miners.
bitinfocharts.com/comparison/ethereum-hashrate.html
Note: This is not financial advise. Please do your own research.
Trade closed: stop reached
It bounced off support where there was large interest on the VPVR.
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