I have been playing with the fib channel on and off for a while and the carats show where the fib chanel is anchored. It appears that the price action has come to my .500 retracement level and failed to find buyers above it. The price action has become really tight between the 20 and 100 day simple moving averages and so I suspect we shall move to the downside shortly.
Neatly enough the 0.236 is right around the 100w SMA to catch the price action.
A close up shows a the compression we are seeing between the 10 and 100 SMA. By bias is to the downside but I don't know if it will be a long burn off or if the price actoin will be as violent as crypto has shown it can be.
I hope to buy sub the 100w SMA and get brought back up on a wick. I have an alert on if we go out of the bottom of the weekly bollinger band. It happens frequently enough after price action pops out the top and reverses that it is worth the wait. That will definitely be a sign to put some margin on with a buy stop to get taken in.
detailed overview and great chart, nailed it once again!
This_Guhy
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@ProjectSyndicate, Thank you, but it still remains to be seen if I am correct. As I write this ethusd is attempting to break to the upside. We will have to see if the 50 day SMA proves resistance, and if not I got this one wrong.