ETHBTC has repeatedly failed to break a key S/R level (blue dashed line) and has been hanging in a bearish OB. We are seeing bearish regular divergence on the RSI with a more neutral bearish reg div forming on the CMF. If we see the RSI break below the horizontal line shown, it would confirm an RSI bearish failure swing.
I expect a short term retest of the local support (green dashed line). However, I expect we could see the MM try to push price below this local support to run stops and create liquidity for long orders.
Short term plan would be looking to take profits at this local support on some portion of my position, to reevaluate the status of BTC and ETH at that time. Ultimately, I would like to accumulate long positions near the next daily support at the top of the bullish OB. Dips below this daily level into the bullish order block could be an attempt to catch late short sellers.
I expect a short term retest of the local support (green dashed line). However, I expect we could see the MM try to push price below this local support to run stops and create liquidity for long orders.
Short term plan would be looking to take profits at this local support on some portion of my position, to reevaluate the status of BTC and ETH at that time. Ultimately, I would like to accumulate long positions near the next daily support at the top of the bullish OB. Dips below this daily level into the bullish order block could be an attempt to catch late short sellers.
Trade active:
Short has thus far been successful, while we have bounced off the slow MAs we are still hanging in another bearish OB just below a daily S/R level. I am not convinced this is the bottom just yet. The daily ADX is showing us in an accumulation phase still, so I do not expect the downward push to be terribly strong unless BTC causes more issues for us. ETH has held quite well through the recent BTC downtrend.
Our hourly ETH chart has shown rejection by the wide slow MAs multiple times, along with bearish hidden CMF and RSI div. We arent bullish just yet. I will wait for more confirmation of a bullish reversal starting on these lower time frames.
Short has thus far been successful, while we have bounced off the slow MAs we are still hanging in another bearish OB just below a daily S/R level. I am not convinced this is the bottom just yet. The daily ADX is showing us in an accumulation phase still, so I do not expect the downward push to be terribly strong unless BTC causes more issues for us. ETH has held quite well through the recent BTC downtrend.
Trade closed: target reached:
Prior ETHBTC bullish order block has ben hit. Taking a good amount of profit now and leaving a tight trailing stop active. 4 hour showing a possibility of bullish regular divergence, which would lead to a trend reversal if confirmed. Hourly also showing the same. On the daily chart, a reversal in this area would create a large IHS reversal pattern. Everything is looking quite oversold.
Looking for confirmation of this bullish regular divergence signifying trend reversal. Lets see how this candle closes. I would close my short if we see confirmation. Seems I might need to make a new long ETH idea soon!