Current Thoughts on ETH
Updated
Currently just watching the price of ETH and trying to decide what is the best course of action. From what I can see on the 4hr chart, the price is holding up nicely @$220 but meeting a resistance @$230. We did see a short dip below $220 but the $215 Fib level held well which makes me think the price is wanting to stay above there. We saw two examples of divergence recently with a hidden bearish divergence denoted by the red lines and bullish divergence denoted by the green lines. Is it good to see consistent patterns like this play out? I'd like to hear some thoughts about that in the comments.
What I would like to see is a 4hr candle close over the $230 level with support from the 25 day & 200 day EMA. That would give me more confidence for a bullish scenario. It is hard to tell right now though with the corona issues. I can't tell if people will want to take profits as the situation worsens or if they would just rather have cash on hand. Either way, I'm keeping my eyes peeled for an attractive opportunity!
What I would like to see is a 4hr candle close over the $230 level with support from the 25 day & 200 day EMA. That would give me more confidence for a bullish scenario. It is hard to tell right now though with the corona issues. I can't tell if people will want to take profits as the situation worsens or if they would just rather have cash on hand. Either way, I'm keeping my eyes peeled for an attractive opportunity!
Note
We did not see a definitive close on the 4hr over the $230 level. This gave us another hidden bearish divergence pattern. As we can see the price is heading back down towards the $220 level with the possibility of the 25 day EMA as support. Still just keeping an eye on the price.
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