Why you shouldn't be long on Ethereum (yet...)
PRICE ACTION
After spending most of the last 24 hours testing a consolidated range of 175-180; price broke slightly upwards at the start of the new day; and is currently teasing the possibility of a new local high point. The 1D chart has slightly cooled off; however, is still overbought with RSI currently at 73.
With less than 1/2 a day of volume on the short side; there isn’t much chance for a short squeeze – so the only option left for bulls in for fresh capital to enter the market. The only question is whether bulls are willing to open their wallets at this price (at this point in the cycle).
OPEN INTERESTS (BITFINEX)
Long: 2.88 Days
Short: 0.37 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 190, 195, 255
Support: 170, 155, 150 (28D MA)
PREVIOUS ANALYSIS
After spending most of the last 24 hours testing a consolidated range of 175-180; price broke slightly upwards at the start of the new day; and is currently teasing the possibility of a new local high point. The 1D chart has slightly cooled off; however, is still overbought with RSI currently at 73.
With less than 1/2 a day of volume on the short side; there isn’t much chance for a short squeeze – so the only option left for bulls in for fresh capital to enter the market. The only question is whether bulls are willing to open their wallets at this price (at this point in the cycle).
OPEN INTERESTS (BITFINEX)
Long: 2.88 Days
Short: 0.37 Days
RELATIVE STRENGTHS
- Micro (5m): Weak
- Short Term (4h): Bearish Divergence
- Mid Term (1D): Overbought
- Macro (1W): Hidden Bearish
ON BALANCE VOLUME
- Mid Term (1D): Higher
- Macro (1W): Lower
KEY PRICE AREAS
Resistance: 190, 195, 255
Support: 170, 155, 150 (28D MA)
PREVIOUS ANALYSIS
Trade closed: target reached