Today we’re going to take a look at $ETH 60M as consolidation continues around the 112-103 range. All scripts are either available now or in development and will be released shortly.
On top we’ve got a combo indicator featuring:
- Fib Time - Showing oversold but not yet pivoted so more down action.
- CogniFI - Showing that we’ve broken our multi-len fib COG moving average, loosing support and will continue to fall until we regain uptrend momentum.
- MomentumFI - Showing Resistance handily winning the battle in the past 8 hours, but has pivoted low, while showing a green arrow indicating a change in direction.
- Weiss FIB - Showing strong negative in the past 8 hours, but over the last 3 the has been decreasing. As price has stabilized at ~106, this would indicate a possible flip in pressure to the buy side.
- VectorFI - Shows the Golden Pocket Fib channel which governed price action the last 36 hours (golden diagonal bar). We extended VectorFI fans with fib-speed resistance fans to project the grid that has channeled price action. Using the angles of the grid, we can define price channels, diagonals, and key resistance and support zones.
- PivotFI - Shows heavily contested area between 103 and 107, with our current 106 price action square in the middle of traffic. We can expect this level is required to hold in order to confirm upward momentum. Lower price levels around set at 97-98 and then $82-$83.
Finally, we check in on FutureFI to see what the long and shorts are doing. We can see that the red ShortPower has been increasing and has yet to become “overbought” - however relatively the number of shorts opened was minimal to the drop in price. While diminished, LongPower is holding steady at current level. Overall, there are more Longs than Shorts.
Short Story: Price appears to be channeling, watch grey zone for break to green or red zones. Retrace up should occur within 6 hours, 102/110 price break alert recommended.