ETH (Prj.2019.P02.E03). MACRO Level TAMany things look bearish but more so undecided at this point, hence I would expect sideways movement for some time even though some things have confluence (favorite word to explain things in common) in the bearish direction.
********** If I was to make a call for ETH, I would say there is more downward pressure for the long term because of the strong rejection. ************************
In short:
a) ALT Dominance chart still in the down trend, at best it can go sideways.
b) BTC holds up better than ALTs in a down trend. Last 2 days, BTC found gains and I would expect this to continue.
c) ADX and DI indicator shows in the 4 hrly chart, more down ward pressure
d) RSI hitting 8%, accepting that its oversold, however this doesn't mean it will bounce up quickly
e) Accumulation index is below 0
f) I have ETH still in the downward channel with a strong rejection at the top of it.
ETH WEEKLY Chart: All EMA\SMA above the price, strong rejection.
ETH 3 Day perspective
Price in the strong support range and hence why I expect more sideways movement in the short term. Hence I would wait and observe some more
ALT Dominance chart
BTC Dominance chart (4 HRLY Chart)
BTC Dom. Daily chart
Interesting to note, GOLD has gone up around the same time? 4 HRLY chart
