ETHUSD likely to Fall back to 4hr 200MA & Daily 50MA

Updated

Simple Analysis here with Support and Resistance Box, and completed with 50 & 200 MA.

Let's look at the 4h Chart first.

-ETH lost 50MA
-H&S Pattern With target at $141.5
-200 MA likely to be located in the Green support box to. Most likely to act as strong support.
-Hit major resistance at 178 (also close to daily 200MA).
-Lower support zone need to be tested before continuing.

Now on the Daily;

-Daily 200MA acted as strong resistance. Let's visit the 50.
-4hr 200MA is the same as Daily 50MA, again will act as strong support.
-Daily MACD about to breakdown.

As long as we are inside this yellow, this idea can be invalidated.

Let's wait and see.

Not financial advice

Note

Fractal from the push from 80 that I found. Maybe we have one more to go. We're currently forming the same pattern on the 4h. With the engulfing and all

Note

BTC about to Break out might get invalidated

Note

BTC never broke out of the Wedge, ETh has now reached our downside target. I will have to reassess the situation now, but thinking that the next move it up.

Note

Well I sure feel like a fool now, ETH is still showing 160 on all exchange, except Kraken. Apparently it's APi problem since Kraken is showing 160 on their website as well.

Disregard the last update.

Note

Look this is what I woke up to the other day...

Remember what I said, if we stay in the yellow zone this 140 isn't valid well...

We got a nice run up out of it, and we restested the zone on smaller TF.

Now...

Price followed through, currently sitting at 8875 BTC and 171 ETH. That's a nice showing from the bulls. WE bounced on higher fibs.

Now the things is BTC still has this 200MA sitting right above it at 8900, and the 50MA is way below at 7750.

I think that BTC won't get a follow through on this. I think we will get stopped by the 200MA. Note that if we don't this will become extremely bullish, and will be confirmed as a wave 3 when we break the previous high. Always wait for the candle close.

Here's the current BTC and ETH charts with the ideas drawn up
Don't forget that the Daily Golden cross is coming next month on BTC.

BTC

ETH

RedArtic

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