The trend is clear, we have potential of further upside, and we happen to be long as well.
If you're not in this trade, you could enter in a myriad of ways. Even if we happened to get a mode retest, we could still maintain a bias, unless there is a break down with sufficient momentum to take out the previous low perhaps.
I see many are looking to short it, which reinforces my point here.
Good luck if you're in this trade, or looking to go long.
Keep in mind ETH has a habit of outperforming my expected targets, so, don't place any take profit orders (I wouldn't even place stops and just own coins, no leverage...and exit manually if it fails)
Remains bullish while above this zone.
New 14 bar mode on close.
Rgmov readings are indicating that the sentiment for ETH is currently bearish, but the chart is set up like an uptrend, although currently stuck in a consolidation.
A close above the level we're at might indicate buying pressure.
Monitoring the time and price targets for the downtrend signal created after we dropped below the 2 day chart mode.
Selling has been absorbed, as depicted, 0.015-0.02 was the buy zone.
No need to re-explain it here. :p
I think your wave 1 is strange, it could be 5 waves up, but even then, it could be wave 1 and now 2, who knows.
Could also be some ABC and now we're in B, I'm not too concerned with wave counts.
The sellers aren't sending price down, and we had a very sharp uptrend, and now forming a consolidation.
So, why would it break down?
I'd need proof that the sellers are dominant and that the turn is turning around, which I'm not seeing.
I analyze price action bar by bar and try to understand what the market makers and the crowd are seeing in the charts.
The method is called time at mode, you can check Tim West's chatroom here to learn more about it if interested, and please check my previous publications using it, it can be a very precise forecasting tool.
Technical analysis, is a matter of belief systems. You either subscribe to one, or you don't.
But there are some personal qualities involved, to be able to trade.
I'd reccomend checking out Van Tharp's material, in particular his book 'Trade your way to financial freedom'.
He has a host of useful material. That, 'Trades about to happen' by David Weis, 'Markets in profile' by J. Dalton, 'Reminiscences of a Stock Operator' by Edwin Lefèvre and 'Alchemy of Finance' by George Soros are reccomended reads if you ask me.
I don't like using extreme highs or lows only for support and resistance.
Rsi is finding support there at 40, that is bullish btw.
Try a higher timeframe, this instrument is pretty illiquid.
If you're trying to forecast a larger move in it, whatever you observe on a 4h chart won't be too illustrative of the bigger picture.