Not Superstitious, But a Littlestitious - ETHUSD - Ethereum
Hello Crypto Friends! Hope all is well. Let's jump right in and take a look at ETHUSD on our 4 hour charts.
We have several trend indicators to watch on our ETHUSD 4Hour Chart. We've been on a steady bearish decline since the May 6 high levels around $840. We have been finding support along our Lower Pink Trendline and resistance along our Upper Red Trendline. We were heading lower until as we expected, ETH stopped cold and bounced up again from the Major Support Trendline in BLUE since late quarter in 2017 (this has been a critical indicator).
Since bouncing off the Blue support trendline, it appears we are breaking out of the wedge (usually a bullish signal if volume confirms). Price also crossed the 50day SMA and is now at the .236 Fib retracement level. Note: Even though these are bullish signals, we are still in a bearish trend. We actually saw a break out of the wedge around June 21 and then we fell right back inside the wedge. We need the bulls to keep the price out of the wedge and above the Blue Support line to begin thinking about a true reversal at any point. BTC still appears to be leading the parade in terms of momentum and direction.
We are currently long on ETHUSD and will be watching closely.
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Cheers!!
Disclaimer: Our content is intended to be used and must be used for informational purposes only. We are not professionals. It is very important to do your own analysis before making any investment based on your own personal circumstances
We have several trend indicators to watch on our ETHUSD 4Hour Chart. We've been on a steady bearish decline since the May 6 high levels around $840. We have been finding support along our Lower Pink Trendline and resistance along our Upper Red Trendline. We were heading lower until as we expected, ETH stopped cold and bounced up again from the Major Support Trendline in BLUE since late quarter in 2017 (this has been a critical indicator).
Since bouncing off the Blue support trendline, it appears we are breaking out of the wedge (usually a bullish signal if volume confirms). Price also crossed the 50day SMA and is now at the .236 Fib retracement level. Note: Even though these are bullish signals, we are still in a bearish trend. We actually saw a break out of the wedge around June 21 and then we fell right back inside the wedge. We need the bulls to keep the price out of the wedge and above the Blue Support line to begin thinking about a true reversal at any point. BTC still appears to be leading the parade in terms of momentum and direction.
We are currently long on ETHUSD and will be watching closely.
Please hit us up with a Like Button and give us a follow!
Cheers!!
Disclaimer: Our content is intended to be used and must be used for informational purposes only. We are not professionals. It is very important to do your own analysis before making any investment based on your own personal circumstances