ETHUSD has been one of the surprises of the post-March collapse, having broken above its June 2019 High, while BTC is lagging. Despite this success that has revived investing interest on this coin, there is a certain pattern that holders would want to see breaking upwards as it comes with strong bearish bias.
** The Channel Up on 1W **
That is the Channel Up you see on this chart. With perfect Higher High trend-line touches on the 1W candles of August 20 2018, June 24 2019 and recently August 21 2020. As you see the middle of the Channel also serves as a Resistance/ Support level at times. Every Higher High is on the 1.15 Fibonacci extension of the previous Low-High leg.
** The LMACD **
The Channel suggests that if the 1W MA20 breaks, the leg to a new Higher Low may begin. The LMACD just made a Bearish Cross, which on July 2019 marked the start of a drop below the median, while on March took place exactly at the bottom (even outside) of the Channel.
** The RSI **
Positive sentiment though comes from the RSI which shows that if it keeps trading within the neckline of the H&S (within of course its own Channel Up), which I marked by the yellow shape, the price may remain higher than where it was on the left part of the neckline, i.e. currently above the middle (white dashed line). What the RSI must avoid is the Red Zone (on the bottom of the Channel).
It goes without saying that ETH buyers wouldn't want to see this Channel Up fulfill its technical gap and instead break above it and start a new, more aggressive bullish pattern .
What do you think will happen? Feel free to share your work and let me know in the comments section!
Please like, subscribe and share your ideas and charts with the community!
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** The Channel Up on 1W **
That is the Channel Up you see on this chart. With perfect Higher High trend-line touches on the 1W candles of August 20 2018, June 24 2019 and recently August 21 2020. As you see the middle of the Channel also serves as a Resistance/ Support level at times. Every Higher High is on the 1.15 Fibonacci extension of the previous Low-High leg.
** The LMACD **
The Channel suggests that if the 1W MA20 breaks, the leg to a new Higher Low may begin. The LMACD just made a Bearish Cross, which on July 2019 marked the start of a drop below the median, while on March took place exactly at the bottom (even outside) of the Channel.
** The RSI **
Positive sentiment though comes from the RSI which shows that if it keeps trading within the neckline of the H&S (within of course its own Channel Up), which I marked by the yellow shape, the price may remain higher than where it was on the left part of the neckline, i.e. currently above the middle (white dashed line). What the RSI must avoid is the Red Zone (on the bottom of the Channel).
It goes without saying that ETH buyers wouldn't want to see this Channel Up fulfill its technical gap and instead break above it and start a new, more aggressive bullish pattern .
What do you think will happen? Feel free to share your work and let me know in the comments section!
Please like, subscribe and share your ideas and charts with the community!
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> gergiabboud
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