ETHBTC Dynamic S/R| 200 DMA| .618 Fibonacci| Declining Volume|
Evening Traders,
Today’s Analysis – ETHBTC- trading at a key trade location where a pivotal move is probable.
Points to consider,
- Price Action Higher Low
- Support Zone Confluence
- EMA Ribbon Resistance
- Oscillators Extended
- Declining Volume
ETHBTC’s immediate price action is trading on its dynamic support, maintaining higher highs and higher lows in market structure. This allows us to have a bullish bias on the market.
Support Zone has multiple technical confluences – 200DMA, .618 Fibonacci, and Daily S/R. A bounce here is highly probable upon first test.
Immediate resistance is Daily EMA Ribbon that is in confluence with range-mid. breaking this level will likely test upper Daily S/R.
Both oscillators are extremely oversold, and oversold bounce play has a high probability of occurring.
The Volume profile is clearly declining, this is indicative of an influx coming to fruition when testing key trade locations.
Overall, in my opinion, ETHBTC is a valid long with defined risk, price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
“Don't blindly follow someone, follow market and try to hear what it is telling you.” ― Jaymin Shah
Today’s Analysis – ETHBTC- trading at a key trade location where a pivotal move is probable.
Points to consider,
- Price Action Higher Low
- Support Zone Confluence
- EMA Ribbon Resistance
- Oscillators Extended
- Declining Volume
ETHBTC’s immediate price action is trading on its dynamic support, maintaining higher highs and higher lows in market structure. This allows us to have a bullish bias on the market.
Support Zone has multiple technical confluences – 200DMA, .618 Fibonacci, and Daily S/R. A bounce here is highly probable upon first test.
Immediate resistance is Daily EMA Ribbon that is in confluence with range-mid. breaking this level will likely test upper Daily S/R.
Both oscillators are extremely oversold, and oversold bounce play has a high probability of occurring.
The Volume profile is clearly declining, this is indicative of an influx coming to fruition when testing key trade locations.
Overall, in my opinion, ETHBTC is a valid long with defined risk, price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
“Don't blindly follow someone, follow market and try to hear what it is telling you.” ― Jaymin Shah