ETHBTC Daily Trend Change|Higher Low|Local Resistance to Break!
Hello Traders!
Today’s chart update will be on Etherium, which has successfully broken out of its bear trend on the daily. It respected the .618 Fibonacci level on the 240 time frame as expected (see Chart Linked below), now currently approaching a critical resistance level that needs to break.
Will bulls have enough momentum to break through resistance?
Points to consider,
- Daily bear trend broken
- Price supported by .618 and .50 Fibonacci
- Local resistance yet to be broken
- Stochastics in upper region
- RSI approaching apex
- EMA’s supporting price
- Volume trading just below average
- VPVR declining in transactions from current point
On the daily, Etherium has put in new higher low, the overall structure of the trend has now changed with critical levels yet to be tested. Price was initially supported by the .618 Fibonacci level, signalling that buyers are strong in that area with considerable bull volume coming in. Local resistance however is yet to be broken, this is a key level that needs to be broken to keep the bull momentum intact.
The stochastics is currently trading in the upper region, can stay up here for an extended period of time, however there is lots of stored momentum to the downside. RSI is respecting its current support and resistance, coming close to its apex, a break will be imminent.
The EMA’s are currently supporting price, it needs to hold price as support in order for the new trend to mature. Volume itself is quite healthy, although just below average, Etherium needs volume to maintain into order to break local resistance.
The VPVR is quite interesting; it has clear low volume of transactions from local resistance to structural resistance. This signals that bulls will have little resistance poised by the VPVR when trading in that cluster.
Overall, In My Opinion, Etherium needs to maintain above the EMA’s as it comes into local resistance. We need a steady increase in volume to successfully break resistance and to at least test structural resistance…
What are your thoughts?
Please leave a like and comment,
And remember,
“Stocks are bought not in fear but in hope. They are typically sold out of fear.” – Justin Mamis
Today’s chart update will be on Etherium, which has successfully broken out of its bear trend on the daily. It respected the .618 Fibonacci level on the 240 time frame as expected (see Chart Linked below), now currently approaching a critical resistance level that needs to break.
Will bulls have enough momentum to break through resistance?
Points to consider,
- Daily bear trend broken
- Price supported by .618 and .50 Fibonacci
- Local resistance yet to be broken
- Stochastics in upper region
- RSI approaching apex
- EMA’s supporting price
- Volume trading just below average
- VPVR declining in transactions from current point
On the daily, Etherium has put in new higher low, the overall structure of the trend has now changed with critical levels yet to be tested. Price was initially supported by the .618 Fibonacci level, signalling that buyers are strong in that area with considerable bull volume coming in. Local resistance however is yet to be broken, this is a key level that needs to be broken to keep the bull momentum intact.
The stochastics is currently trading in the upper region, can stay up here for an extended period of time, however there is lots of stored momentum to the downside. RSI is respecting its current support and resistance, coming close to its apex, a break will be imminent.
The EMA’s are currently supporting price, it needs to hold price as support in order for the new trend to mature. Volume itself is quite healthy, although just below average, Etherium needs volume to maintain into order to break local resistance.
The VPVR is quite interesting; it has clear low volume of transactions from local resistance to structural resistance. This signals that bulls will have little resistance poised by the VPVR when trading in that cluster.
Overall, In My Opinion, Etherium needs to maintain above the EMA’s as it comes into local resistance. We need a steady increase in volume to successfully break resistance and to at least test structural resistance…
What are your thoughts?
Please leave a like and comment,
And remember,
“Stocks are bought not in fear but in hope. They are typically sold out of fear.” – Justin Mamis
