ETHUSDT, Rising Wedge, Cup & Handle, Support lines & RSI
ETHUSDT, 4HR
>Bullish Biased due to the upcoming Consensus 2018
>Ether is currently facing the resistance level (w/c are the previous support zone last March 9 - 14, 2018) at 680 to 690 USD. (Be cautious for novice traders like me)
>Exhaustion from buyers could bounce the price in blue ascending trend line in short term squeeze at 650 or could break it and test the 630 to 620 support level. (beware of short term traders that could pull at this price range, hope whales will not get involve w/c could make a reversal - but I'm still skeptical due to upcoming Consensus event).
>If the price bounces and stays around this zone (630-620), it could yield a larger cup and handle (thin light blue curves), w/c is still good in the long run
>RSI is still making a positive slope while Stoch RSI is almost overbought, could signal a sell for short term traders
>A break below 600 could abort the current bullish momentum
>Ether is still moving ahead in BTC price but its price directions could still affect ether, still be cautious.
*Disclaimer;
This is just my 2nd TA, still a novice work. This is not a financial advice.
Have a profitable day;D
>Bullish Biased due to the upcoming Consensus 2018
>Ether is currently facing the resistance level (w/c are the previous support zone last March 9 - 14, 2018) at 680 to 690 USD. (Be cautious for novice traders like me)
>Exhaustion from buyers could bounce the price in blue ascending trend line in short term squeeze at 650 or could break it and test the 630 to 620 support level. (beware of short term traders that could pull at this price range, hope whales will not get involve w/c could make a reversal - but I'm still skeptical due to upcoming Consensus event).
>If the price bounces and stays around this zone (630-620), it could yield a larger cup and handle (thin light blue curves), w/c is still good in the long run
>RSI is still making a positive slope while Stoch RSI is almost overbought, could signal a sell for short term traders
>A break below 600 could abort the current bullish momentum
>Ether is still moving ahead in BTC price but its price directions could still affect ether, still be cautious.
*Disclaimer;
This is just my 2nd TA, still a novice work. This is not a financial advice.
Have a profitable day;D
Comment:
>Now its bouncing around 620 - 630, if this support holds, this could yield for the larger cup and handle, but its too early to tell. Watch out for new patterns.
>It is currently experiencing a minor correction and slightly lagging behind the BTC movement.
>I think smaller cup & handle (black curves) is still in play.
>New resistance around 740 to 750 zones
>RSI and Stoch RSI is still moving up in 4hr time fame
**Comments and constructive criticism will be fully appreciated so I can improve more with my TAs. Thanks for checking my work in advance!