On the 12th of February we have a lower high (vs 12-January) and a major bearish signal based on candlestick reading —the shooting star.
The daily session closes within one hour and if the candle ends as it is now, it will send out a strong bearish signal.
The red bars pattern is a projection of what is likely to follow this extremely bearish signal. The shooting indicates that the current move reached its end is about to reverse.
It all depends on the candle close though, confirmation is needed and coming in soon.
Decreasing volume and bearish divergence with the RSI can used as supporting signals.
Conditions for change
If ETHUSDT moves up and closes at the high of the day, this analysis becomes invalid.
Namaste.
The daily session closes within one hour and if the candle ends as it is now, it will send out a strong bearish signal.
The red bars pattern is a projection of what is likely to follow this extremely bearish signal. The shooting indicates that the current move reached its end is about to reverse.
It all depends on the candle close though, confirmation is needed and coming in soon.
Decreasing volume and bearish divergence with the RSI can used as supporting signals.
Conditions for change
If ETHUSDT moves up and closes at the high of the day, this analysis becomes invalid.
Namaste.
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