MrJEB

ETHUSD - Shiff Spot, or Shweet Spot?

COINBASE:ETHUSD   Ethereum / U.S. Dollar
ETHUSD Price action may be eyeing a Sweet Spot while looking through the lens of a Mid-Ranged, and Short-Ranged Shiff Pitch Fork.

With so many analysts looking at the uptrend line, I decided to do a little digging to keep myself busy. What's so darn important about it?

Firstly, current price action looks to be respecting the upper bounds of a Short-Ranged Shiff Fork downtrend, seen more easily on smaller time-frames. With that said, this 'Sweet Spot', would have to see a considerable move down from its present position to strike it on the head.

With such violent swings in crypto, and on display within view here, it's not out of the question.

The Sweet Spot, marked here, has interesting confirmation from the Mid-Ranged Resistance Reaction High 1.0 Median Line (that's a mouth full). This resistance turned support has 2 reaction touches on the Short-Ranged move down from $165 High (COINBASE).

The Median Line from the Mid-Ranged seemed to support price action handsomely enough for a rally in February, and also timed consolidation at the .618 & .75 Mid-Ranged Lines respectfully.

This 'Sweet Spot' coincides with:

  • Resistance turned Support from Mid-Ranged Downtrend Shiff Fork Channel @ the 1.0 Line (2 support reactions)
  • Median Line from Short-Ranged Shiff Fork - Correction from $165 high.
  • December and February Bull Rally Uptrend Line

A break up in the short-term may find considerable resistance at the same 1.75 Line of the Mid-Range Downtrend Channel.

A break down from here would find a considerable confluence of support at the above mentioned, and would likely result in a break above the short-ranged downtrend channel .

My feeling on this matter, is that with price action pinned on the 4H time-frame below the Bollinger Band Medians of both 100 and 200 Periods with StDev 1.25, the move is likely down. But just in case, maybe this illuminates to some breakout points.

Good Luck, Traders. May you find yourself on the profitable side of it!
~Harbachan



Mar 15
Comment: Haven't see this shape since before correction at 170-ish area. Show me more, and I'll believe it. Price action on 1H is contending with 100 Upper Bollinger Band

Mar 15
Comment: Make that the 200 Upper BB on the 1H, and obviously the 4H is where the 100 is contending with Upper BB.

Mar 15
Comment: Price action has yet to trigger my buy setup - it was super close, but this ones staling at the 1H - 200 Period Upper Band

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