Back to ETH 390$ early July

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
  • ETH logically moved up during the last hours while stayed within the descending wedge
  • Since May ETH used to drop each time it gets close to the upper part of the descending wedge which is now more or less the equivalent of the EMA 10day
  • Same behavior when the RSI comes close the the line you can see on the graph.
  • ETH drops again when the above mentioned situations happen together with a moment of low volumes.

So, if early July, ETH is close to the upper part of the wedge , with a RSI close to the line I made, with low volumes, I will probably short ETH with a target price at 400$-390$.
Comment: The price of ETH moves as expected and volumes are not increasing but I am no longer that bearish because RSI shows positive signs with a break of the down trend (see graph below).

For now I stay out of any trade and keep watching the market going.

Comment: I am still not convinced about the nano-rally we see for the last days because:
- EMA21 (daily) is still a strong resistance
- Volumes are decreasing
- there is a breakout of the rising RSI trend

Trade closed: target reached: Target reached but ETH could drop down to 150$


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