ETCUSD: Analysis using Ichimoku 22/07/2020H4
On D1, the cloud is directing upward, indicating an uptrend. You can visually see how the triangle price correction model is forming.
Conclusion:
We recommend selling from the upper line of the triangle pattern when the RSI reaches the overbought level again.
Also, we recommend to close sell and open buy when the price reaches the range of $5,8 - $5,5, and the RSI reaches the oversold level.
H1
At H4, the cloud is directing upward, indicating an uptrend. RSI is in an undefined state.
Conclusion:
You can try to sell with a short stop loss when the RSI H1 reaches the overbought level. However, it should be borne in mind that the upward movement may be higher for H1. A great option is to sell according to the H4 scenario from the upper line of the triangle.
In the medium term, we should expect the price to rise to the level of $8, possibly higher.
