Sell signal imminent on ETHUSD
Updated
I can only repeat my previous comment.
On the monthly scale ETHUSD is heading towards the lower monthly Bollinger band .
There are two magnetic poles pulling crypto prices down.
The first one is at 347 ETHUSD corresponding to the close of the monthly T1 in July 2020.
A T1 is the first close outside of the volatility envelop preceding a major trend and it is generally always rejoined in the subsequent trend correction.
The second one is a daily gap that remains open in the same month at 279 ETHUSD (at least on Kraken) with an 80% probability of being closed .
Therefore there is scope for ETHUSD to spike down in the coming weeks in the 3OO area.
The striking difference with my preETHUSD analysis is that a sell signal is imminent on the weekly LMACD indicator.
This lower level will present itself as a major buying opportunity in the crypto and blockchain financial space.
On the monthly scale ETHUSD is heading towards the lower monthly Bollinger band .
There are two magnetic poles pulling crypto prices down.
The first one is at 347 ETHUSD corresponding to the close of the monthly T1 in July 2020.
A T1 is the first close outside of the volatility envelop preceding a major trend and it is generally always rejoined in the subsequent trend correction.
The second one is a daily gap that remains open in the same month at 279 ETHUSD (at least on Kraken) with an 80% probability of being closed .
Therefore there is scope for ETHUSD to spike down in the coming weeks in the 3OO area.
The striking difference with my preETHUSD analysis is that a sell signal is imminent on the weekly LMACD indicator.
This lower level will present itself as a major buying opportunity in the crypto and blockchain financial space.
Note
The chart presented is on a weekly scale.The lower Bollinger band (not shown) is presently at 670, which is the natural target of this last bearish leg, with a possible overshoot or double-bottoming pattern expected to take shape.
Note
In any case (3) shall be taken out to a significant extent.Note
#crypto #bitcoin #ethereum #ethusd
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