ETHBTC New Higher Low? | Volume Follow Through Needed!
Hello Traders!
Welcome to another update,
Today’s chart update will be on ETHBTC which has put in a potential new higher low, possibly changing the overall bearish trend.
Points to consider,
- Probable trend change coming to fruition
- Local support respected
- Local resistance yet to break
- Stochastics in lower regions
- RSI hitting resistance
- EMA’s to cross bullish
- Volume below average
ETHBTC is attempting to change the trend by putting in a probable new higher lower which will be confirmed after initial consolidation. Local support was held and respected; buyers are strong in this area, a key level not to be broken.
Local resistance is the next key level, a break and consolidation above this level will confirm the trend change on the daily.
The stochastics is currently in the lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. EMA’s are giving price resistance at current given time, a bull cross will increase the probabilities of breaking local resistance.
Volume is well below average, a key indicator to watch, bulls need momentum with follow through otherwise a break to lower lows is probable.
Overall, in my opinion, ETHBTC needs to consolidate at current level; a potential bull flag is likely before another leg up. It is important to keep an eye on volume which will dictate the overall direction of ETHBTC.
What are your thoughts?
Please leave a like and comment,
And remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone
Welcome to another update,
Today’s chart update will be on ETHBTC which has put in a potential new higher low, possibly changing the overall bearish trend.
Points to consider,
- Probable trend change coming to fruition
- Local support respected
- Local resistance yet to break
- Stochastics in lower regions
- RSI hitting resistance
- EMA’s to cross bullish
- Volume below average
ETHBTC is attempting to change the trend by putting in a probable new higher lower which will be confirmed after initial consolidation. Local support was held and respected; buyers are strong in this area, a key level not to be broken.
Local resistance is the next key level, a break and consolidation above this level will confirm the trend change on the daily.
The stochastics is currently in the lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. EMA’s are giving price resistance at current given time, a bull cross will increase the probabilities of breaking local resistance.
Volume is well below average, a key indicator to watch, bulls need momentum with follow through otherwise a break to lower lows is probable.
Overall, in my opinion, ETHBTC needs to consolidate at current level; a potential bull flag is likely before another leg up. It is important to keep an eye on volume which will dictate the overall direction of ETHBTC.
What are your thoughts?
Please leave a like and comment,
And remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone