In my last chart ETH chart, I indicated it appeared we would trade under $116.00 for a bit. It appears this is correct, so far. But let’s see if there is anything that can give us a clue on where ETH is heading in the next few 4-Hr candles.
The green arrows show long wicks indicating the price action was used to clear out long positions. What’s interesting is the price action going forward is not trading heavily into those areas that were challenged. This tells me there is little tolerance for traders to believe there is value above $112.00, in the short-term.
If you follow me, you already know I denote the Primary Trendline as a dotted or dashed line. The Primary Trendline is intact and, therefore, can be considered temporary support. You can see the trend channel on the chart where the upper orange solid trendline is not being challenged. I don’t give this too much significance because this is the crypto-world.
Technical Data:
-Primary Trendline intact
-The green arrows demonstrate the wicks where price action is not being challenged
-There is significant resistance at the $112.00 price level
Outlook:
We seem to be building some Volatility pressure and may see some bigger than usual price moves in a candle or 2, on the 4-hr.
I can’t see the overall trend as Bullish but look to a short-term Bullish run which may be hindered at the $112.xx price level. If $112.xx is breached and used as support the next resistance level is $116. xx.
If you like my TA, give me a thumbs up and follow me on Twitter for more real-time charts and analysis.
Best,
Biff
The green arrows show long wicks indicating the price action was used to clear out long positions. What’s interesting is the price action going forward is not trading heavily into those areas that were challenged. This tells me there is little tolerance for traders to believe there is value above $112.00, in the short-term.
If you follow me, you already know I denote the Primary Trendline as a dotted or dashed line. The Primary Trendline is intact and, therefore, can be considered temporary support. You can see the trend channel on the chart where the upper orange solid trendline is not being challenged. I don’t give this too much significance because this is the crypto-world.
Technical Data:
-Primary Trendline intact
-The green arrows demonstrate the wicks where price action is not being challenged
-There is significant resistance at the $112.00 price level
Outlook:
We seem to be building some Volatility pressure and may see some bigger than usual price moves in a candle or 2, on the 4-hr.
I can’t see the overall trend as Bullish but look to a short-term Bullish run which may be hindered at the $112.xx price level. If $112.xx is breached and used as support the next resistance level is $116. xx.
If you like my TA, give me a thumbs up and follow me on Twitter for more real-time charts and analysis.
Best,
Biff
Comment:
Lift off!
Comment:
-The Primary Trend has been moved: 3-Data Points
-Support $107.02
-Resistance $108.70 (Short-term / 4-Hr) with significant resistance @ $112.xx
-If we Breach $107.xx to the Downside, I am a buyer!
Short-term Outlook: Neutral with a possible test of the Primary Trend. Anything is possible after the Superbowl game, so watch that volatility, set your alerts! If you consider the proximity of the $107.02, resistance price level and the primary trend temporary support, there is a chance for a price squeeze.
-Support $107.02
-Resistance $108.70 (Short-term / 4-Hr) with significant resistance @ $112.xx
-If we Breach $107.xx to the Downside, I am a buyer!
Short-term Outlook: Neutral with a possible test of the Primary Trend. Anything is possible after the Superbowl game, so watch that volatility, set your alerts! If you consider the proximity of the $107.02, resistance price level and the primary trend temporary support, there is a chance for a price squeeze.
