WEEKLY (W1) Currently in a STRATEGIC DOWNTREND, roughly in the middle of the weekly clouds support area !
Ongoing weekly candle is, as for the BTC in progress for a potential INVERTED HAMMER, which of course should be validated or invalidated by the current candle closing !
During this week, the Ethereum failed to recover and hold above the TENKAN-SEN @ 3'033 (short lived intraday weekly high @ 3'044)
RSI below 50, @ 40.69 and LAGGING LINE below both KIJUN-SEN and TENKAN-SEN !
GLOBAL WEEKLY PICTURE REMAINS HEAVY
in this weekly picture, watch the following levels :
2'919 (top of the weekly clouds) 2'348 (bottom of the weekly clouds & former uptrend support line)
A CLEAR BREAKOUT OF ONE OF THOSE POINTS WOULD RESPECTIVELY OPEN THE DOOR FOR :
DOWNSIDE : 1'914 (61.8% Fibonacci retracement of the Long term rally starting @ 86.62 in March 2020 towards the ATH @ 4'870.51 reached in November 2021. 1'700 former weekly congestion bottom
Watch and monitor closely shorter time frames, in beginning with the DAILY (currently below the clouds and below both TS and KS and also below the MBB) then H4,(potential double bottom in progress !!) H1(same than H4) and 15 minutes, to detect early potential bullish divergences signals which will give you the opportunity to initiate TACTICAL LONG POSITIONS, COUNTERTREND !!! This should be managed carefully in adopting a RISK REWARD RATIO accordingly