ETHSUSD: The next few 12hs or days are unironically critical
I have already gone over price manipulation and tether and my belief that the high volume event that started this rally was a serious commitment to either propping up the price or starting a new uptrend. Here we see if there is enough commitment. We see that ETHUSD does a fairly good job of respecting overhead resistance when in a falling channel/wedge but a break out has to occur at some point, or we will dip and again bump against overhead resistance.
We still have the daily MACD attempting a bullish cross. We can see that in the past that has not lead to a sustained uptrend and last time the RSI was capped at 50, we ground against resistance for a few days and then we fell off, lead by the declining stochastic RSI. I am going to be watching the RSI and Stochastic RSI following the upcoming MACD bullish cross and I am going to want to see a few proud candles above the declining log resistance line before I feel completely in the clear, despite whatever commitment the volume showed a few days ago.
It is comfortable to see that the last time we tested the log resistance line volume was dropping and this time volume is increasing. I also hope to see volume either at a sustained level or increasing if/when we break this log resistance line and the Stochastic RSI run across the top and the RSI get to over-bought conditions. Depending what I am seeing I might tighten my stop losses to protect my gains from $505 but a lot of that is SWAGing anyway.
We still have the daily MACD attempting a bullish cross. We can see that in the past that has not lead to a sustained uptrend and last time the RSI was capped at 50, we ground against resistance for a few days and then we fell off, lead by the declining stochastic RSI. I am going to be watching the RSI and Stochastic RSI following the upcoming MACD bullish cross and I am going to want to see a few proud candles above the declining log resistance line before I feel completely in the clear, despite whatever commitment the volume showed a few days ago.
It is comfortable to see that the last time we tested the log resistance line volume was dropping and this time volume is increasing. I also hope to see volume either at a sustained level or increasing if/when we break this log resistance line and the Stochastic RSI run across the top and the RSI get to over-bought conditions. Depending what I am seeing I might tighten my stop losses to protect my gains from $505 but a lot of that is SWAGing anyway.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion
The red lines indicate some slight bearish divergence on the 45m chart. I don't think we have too much to be worried about until we start seeing it on higher time frames like the 2h or 4h, like we did when I called the local bottom (similar to this)
My holding right now is almost entirely based on the commitment with the 2h volume spike I saw to begin upleg and the fact we just had several strong days with the daily MACD chart having a decisive bullish cross. I have been bearish and shorting so long and I am hoping I am seeing through the tether manipulation correctly. Not trading advice for anyone (especially without a ravenous risk appetite, if you have that then I am not responsible anyway).