Hello Traders,
Today's chart will be an update on ETHUSD’s recent price action,
Points to consider,
- Still maintaining overall establish uptrend
- Currently testing major structural support
- RSI coming into apex, wedge formation
- Stoch showing upwards momentum
- Volume declining rapidly
- EMA's acting as resistance currently
- Retracement to Golden Fibonacci Ratio .618
ETHUSD is in a interesting situation as it is currently testing its major support level (green zone) which is in confluence with the .618 Fibonacci Zone and the well established uptrend support line putting in higher highs. RSI is closely coming into its apex, looking more like a wedge. Volume is tapering of as price is testing this current support zone, meaning a move is lurking around the corner, stochs showing clear upwards momentum. With so much support in confluence it is more probable that ETHUSD will have a bounce off this support zone establishing a clear higher high in its structure. EMA's will eventually turn bullish if this scenario plays out, yet again another indicator acting as support...
What are your thoughts ? please leave a like a comment
and remember,
"Time is your friend; Impulse is your enemy" - Jack Bogie
Today's chart will be an update on ETHUSD’s recent price action,
Points to consider,
- Still maintaining overall establish uptrend
- Currently testing major structural support
- RSI coming into apex, wedge formation
- Stoch showing upwards momentum
- Volume declining rapidly
- EMA's acting as resistance currently
- Retracement to Golden Fibonacci Ratio .618
ETHUSD is in a interesting situation as it is currently testing its major support level (green zone) which is in confluence with the .618 Fibonacci Zone and the well established uptrend support line putting in higher highs. RSI is closely coming into its apex, looking more like a wedge. Volume is tapering of as price is testing this current support zone, meaning a move is lurking around the corner, stochs showing clear upwards momentum. With so much support in confluence it is more probable that ETHUSD will have a bounce off this support zone establishing a clear higher high in its structure. EMA's will eventually turn bullish if this scenario plays out, yet again another indicator acting as support...
What are your thoughts ? please leave a like a comment
and remember,
"Time is your friend; Impulse is your enemy" - Jack Bogie