ETH.USDT (Y20.P4.E4).Looking to go long
Updated
Hi All,
ETH looks more bearish than a correction however like many of the ALTs we see it dropping at a quicker rate and also we have the BTC dominance shadow overlooking most of the ALTs.
Looking at this chart, I have the ABC correction with two possible targets, $287 which has confluence with the horizontal prior resistance with the bottom trend line in black.
Note, the fib level (0.618) on this channel as has confluence, so $287 is a strong candidate at this point.
Do note how the 50 MA ($390) is now acting as the downward pressure.
The 2nd target, is the 200 MA on the daily, orange line, which means a deeper correction.
I will be using the Stoch RSI and Phoeix to also give agreement if and when these levels are hit.
But for now, I will be looking at $311 September support.
Please give me a like or tick for this post.
Regards,
S.SAri
DAILY chart:
3 DAY chart: Downward pressure still there with 1 and 1/2 days for that candle to close
ETH looks more bearish than a correction however like many of the ALTs we see it dropping at a quicker rate and also we have the BTC dominance shadow overlooking most of the ALTs.
Looking at this chart, I have the ABC correction with two possible targets, $287 which has confluence with the horizontal prior resistance with the bottom trend line in black.
Note, the fib level (0.618) on this channel as has confluence, so $287 is a strong candidate at this point.
Do note how the 50 MA ($390) is now acting as the downward pressure.
The 2nd target, is the 200 MA on the daily, orange line, which means a deeper correction.
I will be using the Stoch RSI and Phoeix to also give agreement if and when these levels are hit.
But for now, I will be looking at $311 September support.
Please give me a like or tick for this post.
Regards,
S.SAri
DAILY chart:
3 DAY chart: Downward pressure still there with 1 and 1/2 days for that candle to close
Note
16 hrly chart, keeping an eye on this levelNote
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