ETHUSD Vs Downtrend of Death: MTF MACDs
Updated
I like going through the MACDs at different time periods to see what they might tell me about this current move, as well as the prior. The five MACDs on my chart represent the MACDs calculated from five different time frames.
From Top to Bottom:
4 Hour Chart: Bearish MACD Divergence has been corrected, no other Divergence
2 Hour Chart: Bearish MACD Divergence has been corrected from last move, Bullish MACD Divergence has been corrected for current move.
1 Hour Chart: Three divergences, two corrected, the most recent one is bearish
30 Min Chart: Bearish Divergence followed by a trend break, bearish
15 Min Chart: Bearish divergence (higher lows on price, equal lows on MACD )
To get a real breakout of this downtrend I would like to make it over the 940-980 zone. When ETH hits 1000, it will climb quickly, with very little downwards pressure until 1215 and then 1400.
Overall, I see no reason to believe that ETH will make it out of this downtrend on this push. I believe it will give it another try after a pullback to the green trendline . Short term bearish , medium turn bullish , until we break the green trendline , in which case Ill be bearish .
Long term bullish .
From Top to Bottom:
4 Hour Chart: Bearish MACD Divergence has been corrected, no other Divergence
2 Hour Chart: Bearish MACD Divergence has been corrected from last move, Bullish MACD Divergence has been corrected for current move.
1 Hour Chart: Three divergences, two corrected, the most recent one is bearish
30 Min Chart: Bearish Divergence followed by a trend break, bearish
15 Min Chart: Bearish divergence (higher lows on price, equal lows on MACD )
To get a real breakout of this downtrend I would like to make it over the 940-980 zone. When ETH hits 1000, it will climb quickly, with very little downwards pressure until 1215 and then 1400.
Overall, I see no reason to believe that ETH will make it out of this downtrend on this push. I believe it will give it another try after a pullback to the green trendline . Short term bearish , medium turn bullish , until we break the green trendline , in which case Ill be bearish .
Long term bullish .
Note
We are now about to hit the green trendline as expected. The question is, how will ETH react to it? I will do another MACD rundown tomorrow morning, by which we should have made our first official contact with the line so we can gauge some short term reactionNote
By the way .... Zoom in to a bit to get to the details. I should have taken more time with the presentation on this one. :(
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