BigBitsIO

ETHBTC - Meeting Weekly Resistance

POLONIEX:ETHBTC   Ethereum / Bitcoin
While many alt-coins like BINANCE:BATBTC are roaring at this particular moment, BINANCE:ETHBTC seems to have slowed down some.

I've circled several areas on the candle chart in the idea snapshot that shows where ETH bounced from support, with a low Stochastic RSI which swiftly bounced. However, we are coming up against a long downtrend in the market indicated by the red line, as well as maxed out Stochastic RSI overbought levels on the weekly and not to mention the 50/100/200 week moving average all above. To me, the fact that Stochastic RSI is now maxed overbought, while also hitting prior support seems to me that this wouldn't be an ideal time to buy on shorter timeframes.

There are mixed signals though, as the MACD is above its signal line and RSI is still trending upward, albeit in bearish territory below 50.

The smoothed histogram in my Smoothed RSI indicator (In the public library for indicators) seems to be losing upward momentum.

With all of that said, I'm very neutral on mid-term trades here. I personally feel like ETH is undervalued here long-term, and looking at the chart with a regular Y-Axis scale makes things look less intimidating. That being said, I still think there are better opportunities to accumulate ahead.

DISCLAIMER: For educational and entertainment purposes only. Nothing in this content should be interpreted as financial advice or a recommendation to buy or sell any sort of security or investment including all types of crypto. DYOR, TYOB.
DISCLAIMER: For educational and entertainment purposes only. Nothing in this content should be interpreted as financial advice or a recommendation to buy or sell any sort of security or investment including all types of crypto. DYOR, TYOB.
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