OffTheChainCrypto99
Long

Potential Downtrend Reversal ETH/USD (Not yet confirmed)

KRAKEN:ETHUSD   Ethereum / U.S. Dollar
So I am just making some post of potentioanl changed in momentum on the ETH USD Price. I has been in a downtrend... It has been bouncing off the 200 day EMA (Not included in this chart) and 200 Day EMA looks to flatten out. This is a potential critical time.. Either we break down below 200 day EMA or it holds strong and current price is a good time to change my short to a long.

Still need some time to confirm this. Waiting for a few my 4hr canndle to get printed to see if it holds... This future price will impact the potential trend line on the upside.
Comment: We are now seeing the formation of a lower high. Moment of truth for the next move. Does this bounce up and off the line of the uptrend, or do we break down below that potential new formation and test the support of the upper line on the down trend?

Key things of note:

1) break below 253 breaks down up trend pattern or needs an angle adjustment of that channel line

2) Past resistance can become new support at 248-249

3) 235-234 is solid prior resistance support and could see a bounce off this range. and would be a good line up of the 200 day EMA on the 4hr (not shown here)

Currently going to go stop loss short only if the current tend line/channel breaks down.
Comment: Also another observation is that the giant Head and Shoulders could be forming and that this last bump up was the right shoulder that will come down to retest the neck line and make or break the H+S Scenario.

Comments

Kicking myself for not taking this trade.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out