Many lines were done to track steady uptrend on 1-hr candles from $1800.
As the trend neared last Supertrend (22,3) sell signal on the daily, 3-daily,
and weekly charts ETH has been stuck in an ascending range, painting a
bull flag.
At the publish time, the price action refused to bottom lower to previous
double bottom which is bullish in my opinion, while the 4-hr Stochastic RSI
aimed back upwards to cross over bullish as well.
Should this triple bottom complete and break out of $3340 to $3380, albeit
impulsively since its so close and 4-hr MACD + Stochastic RSI looks bullish,
I could see ETH easily shoot to $4000 over the next week or so.
Please suck my bearish TT's.
As the trend neared last Supertrend (22,3) sell signal on the daily, 3-daily,
and weekly charts ETH has been stuck in an ascending range, painting a
bull flag.
At the publish time, the price action refused to bottom lower to previous
double bottom which is bullish in my opinion, while the 4-hr Stochastic RSI
aimed back upwards to cross over bullish as well.
Should this triple bottom complete and break out of $3340 to $3380, albeit
impulsively since its so close and 4-hr MACD + Stochastic RSI looks bullish,
I could see ETH easily shoot to $4000 over the next week or so.
Please suck my bearish TT's.
Comment:
Entry on thick green horizontal, TP thick red.
Comment:
Supertrend (22,3):
Daily: Last two days price has poked at the long-term supertrend-daily flat-line from 23-May to 16-Jun, which presented
a challenge to uptrend but price action still held bullish on the weekly.
Weekly: Buy signal just flared, and weekly candle looks to close green with on-chain volume metrics to signal no selling and FUD.
Weekly supertrend reversal signals are very long-term, indicates strong directional momentum every time it flips.
Monthly: Price action in the past week shows that the monthly candle is looking to flip signal back to uptrend, and shows bears
failed their miserable narrative to push prices below $1700. Not a lot of price history to momentum reversals, but the monthly
has been strong upwards, denied the 3-bar bearish red monthly candle narrative that probably a lot of people forgot about.
Daily: Last two days price has poked at the long-term supertrend-daily flat-line from 23-May to 16-Jun, which presented
a challenge to uptrend but price action still held bullish on the weekly.
Weekly: Buy signal just flared, and weekly candle looks to close green with on-chain volume metrics to signal no selling and FUD.
Weekly supertrend reversal signals are very long-term, indicates strong directional momentum every time it flips.
Monthly: Price action in the past week shows that the monthly candle is looking to flip signal back to uptrend, and shows bears
failed their miserable narrative to push prices below $1700. Not a lot of price history to momentum reversals, but the monthly
has been strong upwards, denied the 3-bar bearish red monthly candle narrative that probably a lot of people forgot about.
Trade closed: target reached
Flag pole from $2524 is the thick white line. Price might mull around $3500 to $3600 after ascending flag breakout for a day or so, then break out of longer term trendline resistance and then $4000.