So far ETH has been respecting our S/R lines to a tee on the 8h chart and continues to trade in a channel. Currently I'm in a long on ETH from the 1040 area due to a few reasons:
1. ETH has major support near the 1040 area since June 14th
2. The Stoch RSI was extremely oversold and is now starting to curve to the upside
3. There's not much resistance until 1165, 1250, and 1430
Based off of our current price action, I'm expecting ETH to continue higher until we get to our micro resistance of 1165 then consolidate for a few days because attempting the push past the major resistance of 1230-1270 (red shaded area). Once we get past those levels, then it's clear skies to 1430 (our next major resistance). If we break down from 1040, our bearish targets are 950 and 880 (orange lines). I'm expecting those to hold and would be perfect levels to DCA if we have another capitulation event.
If you enjoyed my TA or had any questions about the indicators used, please leave a comment or send me a DM :)
1. ETH has major support near the 1040 area since June 14th
2. The Stoch RSI was extremely oversold and is now starting to curve to the upside
3. There's not much resistance until 1165, 1250, and 1430
Based off of our current price action, I'm expecting ETH to continue higher until we get to our micro resistance of 1165 then consolidate for a few days because attempting the push past the major resistance of 1230-1270 (red shaded area). Once we get past those levels, then it's clear skies to 1430 (our next major resistance). If we break down from 1040, our bearish targets are 950 and 880 (orange lines). I'm expecting those to hold and would be perfect levels to DCA if we have another capitulation event.
If you enjoyed my TA or had any questions about the indicators used, please leave a comment or send me a DM :)
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🌎 Website - cryptoscripts.com
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🤝 Let's Connect:
🌎 Website - cryptoscripts.com
🐦 Twitter - twitter.com/CryptoScriptsAI
📺 Youtube Indicator Tutorials - youtube.com/c/CryptoScripts
📱 Facebook - facebook.com/CryptoScripts
🌎 Website - cryptoscripts.com
🐦 Twitter - twitter.com/CryptoScriptsAI
📺 Youtube Indicator Tutorials - youtube.com/c/CryptoScripts
📱 Facebook - facebook.com/CryptoScripts
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.