Ethereum within ascending triangle - sell on 2H - TP 167 $
Market broke this week a strong up trend line and is currently searching for a bottom area. I expect first support after breakdown from triangle at 167 $ area. If this price area isn't strong enough to build a bottom the next strong support area is 120 $ which I have mentioned in my last analysis.
-regular RSI is near resistance trend line and must hold above the drawn line to implement further up movement, I don't expect the RSI line to hold above the drawn trend line
-stochastic RSI is already in heavy overbought area, expect many sellers coming into the market after breaking down from this area because this is bearish signal
-MACD base lines are near 0 line which is resistance, market need bigger volume to break this resistance line otherwise the baselines will cross bearish under the 0 line which is bearish indicator
Last but not least is the whole market sentiment more bearish than bullish in reference to political and financial uncertainty in the whole world, more than 70 central banks all around the world have already lowered the interest rates for their countrys. U.S. Treasury yields fell sharply on Wednesday after a raft of weak economic data from China and Germany underlined a slowdown in global growth, offsetting hopes that U.S.-China trade talks were making progress.
The sharp rally in long-term government bonds briefly inverted a key measure of the yield curve’s slope for the first time since June 2007.
The 10-year Treasury note yield plunged 8.2 basis points to 1.596%, its lowest since September 2016.
The 2-year note rate retreated 7.5 basis points to 1.592%, while the 30-year bond yield tumbled 9.3 basis points to 2.038%, an all-time closing low.
The spread between the 2-year note and the 10-year note temporarily fell to a negative 1 basis point. An inversion of this measure has often preceded an economic downturn. Investors say its powers as a recession indicator comes from its ability to reflect when tight monetary policy is capping growth and inflationary pressures.
The next weeks are very important for the whole crypto market and will show us if there is an relation to other financial markets or not
-regular RSI is near resistance trend line and must hold above the drawn line to implement further up movement, I don't expect the RSI line to hold above the drawn trend line
-stochastic RSI is already in heavy overbought area, expect many sellers coming into the market after breaking down from this area because this is bearish signal
-MACD base lines are near 0 line which is resistance, market need bigger volume to break this resistance line otherwise the baselines will cross bearish under the 0 line which is bearish indicator
Last but not least is the whole market sentiment more bearish than bullish in reference to political and financial uncertainty in the whole world, more than 70 central banks all around the world have already lowered the interest rates for their countrys. U.S. Treasury yields fell sharply on Wednesday after a raft of weak economic data from China and Germany underlined a slowdown in global growth, offsetting hopes that U.S.-China trade talks were making progress.
The sharp rally in long-term government bonds briefly inverted a key measure of the yield curve’s slope for the first time since June 2007.
The 10-year Treasury note yield plunged 8.2 basis points to 1.596%, its lowest since September 2016.
The 2-year note rate retreated 7.5 basis points to 1.592%, while the 30-year bond yield tumbled 9.3 basis points to 2.038%, an all-time closing low.
The spread between the 2-year note and the 10-year note temporarily fell to a negative 1 basis point. An inversion of this measure has often preceded an economic downturn. Investors say its powers as a recession indicator comes from its ability to reflect when tight monetary policy is capping growth and inflationary pressures.
The next weeks are very important for the whole crypto market and will show us if there is an relation to other financial markets or not
Trade closed: stop reached
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
