ETHUSD
Last time we were looking at ETHUSD we were monitoring what appeared to be an ascending wedge and since the price has actually tracked sideways, catching support at the 68ema.
daily
We are still neutral on ETHUSD as we have not seen significant price progression or regression. The most important note is that the 68 ema support has been quite strong and the price has bounced off this range. The wicking on each candlestick suggests buyer support at this range.
The stochastic RSI is still concerning as it has begun to curl downwards. Bulls are looking for a test of the daily pivot while the bears would like to see the 68ema break as support and become resistance.
4 hour
the 4 hour time frame is displaying some strength with the bounce of the 170dma and push through both the 30 and 68 ema. This is conducive to forming new intraday areas of support.
Stochastic RSI and RSI are in oversold condition and bulls would be looking for signs of life here, a surge in buying could produce enough bullish momentum to create the bullish divergence in the stochastic RSI.
1 hour
The 1 hour time frame still has room to keep pushing the small uptrend though the bullish MACD cross appears somewhat weak, lackluster. $296, the 170dma is target area of resistance to test and consolidate under.
Bullish Above: $300
Bearish Below: $285
RISK TRADE: Take a long position here looking for test daily pivot and push through $300
Don't forget to use stop losses!!!
Previous Articles:
DASHUSD
ZECUSD
XMRUSD
BTCUSD
LTCUSD
U.S. Dollar Index
Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and it's your own fault.
