NEUTRAL on ETHUSD (consolidating under trendline resistance)
After a very successful 47.6% gain from Sparkster Signals (arrows highlighted with blue circles drawn on the chart) on the 4 hour time-frame for ETHUSD the SELL signal activated after the current top formed.
As per the related idea below, BTC shows consolidation within a specific range set by a previous Weekly candle. We expect ETH to follow BTC's lead on the breakout, either above range or below in coming days.
A drop on ETHUSD below current support level may see a 9% drop down to cloud support before continuation up to break the local resistance trendline above.
We will update once a new 4-hour BUY signal appears on the chart from the current Sparkster Signal strategy.
As per the related idea below, BTC shows consolidation within a specific range set by a previous Weekly candle. We expect ETH to follow BTC's lead on the breakout, either above range or below in coming days.
A drop on ETHUSD below current support level may see a 9% drop down to cloud support before continuation up to break the local resistance trendline above.
We will update once a new 4-hour BUY signal appears on the chart from the current Sparkster Signal strategy.
Comment:
Price followed our red arrow well, up to the cloud support. The 1 day red candle that pierced through to the bottom of the cloud followed by several days of small candles below the cloud indicated the possibility of further decline. And what a decline it turned out to be.
Trendline crosses the top of cloud support at $190. Could we drop that far or gradually recover back up to the resistance level around $270? We'll update with the next BUY signal from the Sparkster backtesting tool when it happens.