PRICE ACTION
The major charts continue to follow the pattern that LTCUSD cut through back in March/April – with ETHUSD coming back on a retrace of the 52W moving average. After a strong break through the 52W on the weekly chart; there have been 2 long wick/short body candles that have shown how uncertain the market currently is. This week is showing the full retrace but will likely stop just above the full retest.
The 1D chart has the price breaking below the 28D MA; though this is an important move for the weekly chart to set up the bullish retest. RSI has not been below 40.0 since back in Feb 2019; so, with the positioning of the 1W chart; this would suggest a similar price action to what was seen in April – a break below followed by a bullish rally.
The 4H chart is also flashing signs of bullishness; with a very slight bullish divergence being set up; with the RSI showing a slightly higher base compared to the lower move in the price. With this area being a localized support – we could see a recovery here. If not, the next set up in back into the $200 zone. This seems like a strong area to scale in; ideally with an aim to keep your average position cost below $220.
OPEN INTERESTS (BITFINEX)
Long: 2.02 Days
Short: 0.46 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 250 (28D MA), 270, 290
Support: 230, 224 (52W MA), 191 (13W MA)
PREVIOUS ANALYSIS
The major charts continue to follow the pattern that LTCUSD cut through back in March/April – with ETHUSD coming back on a retrace of the 52W moving average. After a strong break through the 52W on the weekly chart; there have been 2 long wick/short body candles that have shown how uncertain the market currently is. This week is showing the full retrace but will likely stop just above the full retest.
The 1D chart has the price breaking below the 28D MA; though this is an important move for the weekly chart to set up the bullish retest. RSI has not been below 40.0 since back in Feb 2019; so, with the positioning of the 1W chart; this would suggest a similar price action to what was seen in April – a break below followed by a bullish rally.
The 4H chart is also flashing signs of bullishness; with a very slight bullish divergence being set up; with the RSI showing a slightly higher base compared to the lower move in the price. With this area being a localized support – we could see a recovery here. If not, the next set up in back into the $200 zone. This seems like a strong area to scale in; ideally with an aim to keep your average position cost below $220.
OPEN INTERESTS (BITFINEX)
Long: 2.02 Days
Short: 0.46 Days
RELATIVE STRENGTHS
- Micro (5m): Neutral
- Short Term (4h): Subtle Bullish Divergence
- Mid Term (1D): Bearish
- Macro (1W): Weakening
ON BALANCE VOLUME
- Mid Term (1D): Falling
- Macro (1W): Rising
KEY PRICE AREAS
Resistance: 250 (28D MA), 270, 290
Support: 230, 224 (52W MA), 191 (13W MA)
PREVIOUS ANALYSIS