ETH/USD - Holding the $400 USD Support for Now

Daily

We saw a bounce from the $400 USD price with a green hammer candle. The most important task at hand right now is to break above $420 USD (blaze it) and retest it as a support. We are a considerable distance from the Tenkan. We also need to be ready for the possibility of further breakdown into the green consolidation zone where $360 USD would act as support. I do not predict it could go lower than that in the near future.

Stoch is rest into oversold and saw a small uptick with the bounce. RSI is hovering above oversold. We may need to wait for that to drop further for upward action.

4 Hour

We see a more detailed path of the plunge to the $400 USD level where neither candle closed below the threshold. We surpassed the Tenkan, but with severely overbought Stoch, meaning a reverse may be imminent. We should try to trade sideways, above the Tenkan to draw down the Stoch as RSI is in a healthy spot. Keep knocking at $420 and we can blaze on through (get it?).