ETH.USDT (Y20.P2.E3).Correction phase

Hi All,

I haven't done one on ETH for a while, that is with USD\T.
Like BTC, ETH made new highs with a BEARISH daily divergence hanging over it.

Note: the chart doesn't have log enabled.

OBSERVATIONS:
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> Daily bearish divergence playing out
> Daily 21 EMA just beneath price action
> Price over - extended, outside the channel
> Looking at the PHOEIX indicator, when both RSI red and green are pointing down, and below 50%, that is downward pressure.

THOUGHTS:
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> I have ETH still in a bullish tone with a slight pullback, to be loaded up and pushed for the next level, be it 477 or the monthly resistance, 500'ish.
> Price to come back to the mean average, to the centre of the chart. Has confluence with the Daily 100 EMA or weekly 21 EMA.
> Target has 2 levels based on the price on the left (circled). You can see how its been deduced
367 was previous high and acted support just recent
347 was the other top of the candle and has confluence with the sloping trend line.

Please give me a like or tick for this post


Cheers,
S.Sari

Bigger picture and how we get those resistance and support areas.

Observe the 12 HRLY chart and the phoeix indicator with Stoch as well.

Daily is similar to the 12 hrly

Comment:

Comment:

I would like to see a leveling off area here, to build up for then next up phase, same for BTC.
Now its a matter of waiting and looking for that bullish setup. Note, I expect a boring period if we are to go up a level, meaning the bulls keep supporting this level just like BTC for 11050 to 11200 range.

Comment:

still waiting for that range I have shown.
I also picked out a fractal for this price action

Comment:

Bullish div. playing out

Trade closed: target reached:

I think the final top was 488. Next chart is in the works. Still bullish