ETHBTC Bull Flag| S/R Flip| Support Confluence| Pull Back Entry
Evening Traders,
Today’s Analysis – ETHBTC – forming a potential bull flag above a key level, volume influx is needed for confirmation,
Points to consider,
- Trend bullish
- Confirmation of S/R Flip
- Bull Flag confluence ( .382 Fibonacci)
- RSI neutral
- Stochastics above 50
- Volume declining
ETHBTC's trend has been bullish, breaching a very key level with consolidation above structural resistance. A bull flag is likely forming, will be valid as long as the .382 Fibonacci holds which is in confluence with the now probable support upon a retest (S/R Flip).
The RSI is quite neutral sitting at 50; it does have a higher low projection using the trend line as a guide. Stochastics on the other hand is trading just above 50, indicating buy pressure coming in.
Volume is clearly low, an influx will be needed for a confirmation if a true bull flag and a continuation in the trend.
Overall, in my opinion, the .382 Fibonacci needs to hold which is aligned with the S/R flip. The technical target of the bull flag is aligned with local resistance.
What are your thoughts?
Please leave a like and comment,
And remember,
“I know from experience that nobody can give me a tip or a series of tips that will make more money for me than my own judgement.” - Jesse Livermore
Today’s Analysis – ETHBTC – forming a potential bull flag above a key level, volume influx is needed for confirmation,
Points to consider,
- Trend bullish
- Confirmation of S/R Flip
- Bull Flag confluence ( .382 Fibonacci)
- RSI neutral
- Stochastics above 50
- Volume declining
ETHBTC's trend has been bullish, breaching a very key level with consolidation above structural resistance. A bull flag is likely forming, will be valid as long as the .382 Fibonacci holds which is in confluence with the now probable support upon a retest (S/R Flip).
The RSI is quite neutral sitting at 50; it does have a higher low projection using the trend line as a guide. Stochastics on the other hand is trading just above 50, indicating buy pressure coming in.
Volume is clearly low, an influx will be needed for a confirmation if a true bull flag and a continuation in the trend.
Overall, in my opinion, the .382 Fibonacci needs to hold which is aligned with the S/R flip. The technical target of the bull flag is aligned with local resistance.
What are your thoughts?
Please leave a like and comment,
And remember,
“I know from experience that nobody can give me a tip or a series of tips that will make more money for me than my own judgement.” - Jesse Livermore