ETHBTC - Bearish Signals Continue, w/short-term bullish tre
Updated
On the 1H, a cup and handle seems to have formed. This may take us up to the 0.337 level or so. However, that is the upper boundary of what I believe may be a downward channel.
The cup and handle is one small bullish signal in what I believe to be a bearish pattern overall.
We can see the RSI drifting upward and MACD, yet, the price has not gone up substantially. If we drift into the "overbought" range, I suspect it will be under the 0.034 level, and then a high volume drop to the center of the downward channel (0.0308 range) will happen.
As always, just my perspectives as a newbie.
Comments appreciated.
The cup and handle is one small bullish signal in what I believe to be a bearish pattern overall.
We can see the RSI drifting upward and MACD, yet, the price has not gone up substantially. If we drift into the "overbought" range, I suspect it will be under the 0.034 level, and then a high volume drop to the center of the downward channel (0.0308 range) will happen.
As always, just my perspectives as a newbie.
Comments appreciated.
Note
Looks like there is also resistance in the 0.0332 range. Let's see if any 1h candles can close above that in the next few hours. Given that they haven't yet, and the green candles generally have lower volumes than the red candles, in the past 48h, I think we will see it bounce back below the 0.0330 range and continue south from there, bouncing between 0.0316 and 0.330. If we can't crack 0.0332, that is a lower high and I think we will see lower lows to accompany that in the next 48-72h.
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