ETH with extraordinarily Bullish 4H chart

Sometimes while going through the charts I get a literal adrenaline dump, heart racing and the shakes when I see a chart set up. This is one of them. The 4H MACD circled in yellow is on its way to have a bullish cross "in the air" above zero after just crossing the zero line. We can see what happened in green when instead of crossing through the signal line it bounce off. The red circles show the in the air bullish crosses after already experiencing a relative peak above zero. If the next two months are similar to the last two months we will see ETHUSD near 1k but given the previous resistance at 840-ish that may be an optimistic scenario.

If we don't have this bullish MACD cross I will have a visceral response in the opposite direction but I think the odds of that happening are slight. The RSI in both green and yellow bounce off overbought conditions and layed the breathing room (psychologically) for us to go deeper into overbought conditions. I suspect we will lance into overbought conditions 2 or 3 times with the RSI bouncing lower and lower before breaking down completely, as it did the last time around. As I say repeatedly, the bull run will end when we see the RSI/MACD price divergence break down on the daily chart.

Comment:

Looks like we experienced strong overhead resistance and were not able to sustain a breakthrough. I watched this for a few days and my optimism has departed and this will most likely not continue upward.