The current evaluation for the ETH asset is bullish. Please be reminded that such evaluation is only from respected market structure and price action with previous references to supply and demand zones. The overall trend is still bearish, but there are several reasons for the bullish move that can be confirmed. Below are the reasons for this confirmation to the upside:
----------------------- BULLISH INDICATORS
Falling Wedge Breakout Pattern
Macro Rising Wedge Formation (Bullish Short Term, Bearish Long Term)
Smart Money Futures are Bullish
4H Chart Timeframe reaches overbought region in the Relative Strength Index, there is a huge chance that the next indication of overbought levels will form a bearish divergence however this will be in a higher high price action.
Daily Chart Timeframe is now forming a bullish divergence in the Relative Strength Index (this will fuel to 23k-25k easily if accompanied by neutral to bullish bias until the next CPI report/FED meeting this month).
Decent Volume
----------------------- BEARISH INDICATORS
Overbought Levels in the Relative Strength Index
Forming Rising Wedge (not complete)
DXY bullish
If you liked the information above, please do not forget to share, like and comment. Thank you! -Wamses
Trade closed manually
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Added more bearish indicators of EURO tumbling down and DXY pumping so much that smart money futures tumbled their gains. Closed trade.