Today’s update will focus on ETH’s recent developments of getting rejected from structural resistance; a retrace is probable to the .382 Fibonacci.
Points to consider, - ETH Parabola rise - EMA’s currently support - Structural Resistance tested - RSI overbought - Stochastics topping out - Noticeable bear volume
ETH has had an insane parabolic run straight into a technical trade location, the structural resistance which has initially rejected it. EMA’s currently holding ETH as support, must hold true to continue with a bullish bias.
The RSI is currently overbought; a cool off to neutral territory is probable. The Stochastics is currently topping out, lots of room stored to the downside.
ETH has evident bear volume, signally potential buyer exhaustion leading to a healthy pull back in the trend.
Overall, in my opinion, ETH is likely to retrace from such overbought conditions to cool of technical indicators. The Fibonacci level to pay attention to will be the .382, a healthy bull trend tends to respect this level.
What are your thoughts?
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And remember,
“Every trader has strengths and weakness. Some are good holders of winners, but may hold their losers a little too long. Others may cut their winners a little short, but are quick to take their losses. As long as you stick to your own style, you get the good and bad in your own approach.” Michael Marcus