ETH-USD
ETH short 2019 - 9 - 7.................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Support me, follow and like
ETHUSD Holding Major Support Hello Traders,
Today's chart will be an update on ETHUSD’s recent price action,
Points to consider,
- Still maintaining overall establish uptrend
- Currently testing major structural support
- RSI coming into apex, wedge formation
- Stoch showing upwards momentum
- Volume declining rapidly
- EMA's acting as resistance currently
- Retracement to Golden Fibonacci Ratio .618
ETHUSD is in a interesting situation as it is currently testing its major support level (green zone) which is in confluence with the .618 Fibonacci Zone and the well established uptrend support line putting in higher highs. RSI is closely coming into its apex, looking more like a wedge. Volume is tapering of as price is testing this current support zone, meaning a move is lurking around the corner, stochs showing clear upwards momentum. With so much support in confluence it is more probable that ETHUSD will have a bounce off this support zone establishing a clear higher high in its structure. EMA's will eventually turn bullish if this scenario plays out, yet again another indicator acting as support...
What are your thoughts ? please leave a like a comment
and remember,
"Time is your friend; Impulse is your enemy" - Jack Bogie
Two Possible Scenarios on ETH/USD (ETHEREUM)4H CHART EXPLANATION:
We observe that Ethereum has been moving sideways for a few days, and now it is facing the Descending Trendline and the Resistance Zone. If this zone is broke, we expect a bullish movement towards the next Resistance Zone. And, in case this zone can hold the price, it may bounce and retest the Support Zone again. Major movements are explained on the higher timeframes below.
MULTI TIMEFRAME ANALYSIS:
-Daily:
-Weekly: