ETH 4 hr - Taking a look at EMA+MA, Fib, and Wedges
Right off the bat lets address the most obvious: It is in an ascending wedge at the moment. Not my favourite bullish setup as the break down can happen sharply.
Next thing I want to bring your attention to the is the strong resistance line it's been following for a while now. It's marked as the Strong resistance line on the chart. On my charts, the red lines are resistance lines, and blue are support lines.
If we explode upwards, the immediate target would be 3370, and 3570.
However, we have barely spent enough time in the 3000-3800 region for it to create an accumulation zone. We are just really getting to it, after the last bearish head and shoulders pattern in May.
We need to spend time in a certain zone for it flip as support and see how the price plays there.
EMA and MA also need to catch up. We haven't seen a healthy test of the EMA 100 or the MA 100 in a while.
From my experience, ascending wedges tend to have the price breaking downwards out of the wedge momentarily to re-pack the punch for the ATH. Our job is to figure out where this packing happens. We want to get in in that zone because that's the spot it crashes to, accumulates, then rises from.
From the chart, that zone seems to be around the 0.5 Fib level, or $3050.17. If we trace the EMA and MA 100 upwards, the timeline looks to be Aug 19-20.
I would love to be a little neutral, but I am slightly bearish for the very very short-term (month), only for re-testing and small accumulation.
BUT, long-term wise, volume is on the bullish side! Volume is slowly increasing again throughout the month no matter how slight the price rises. MDR and Bids/Asks have a stronger momentum than the last ATH ! Crazy!
Enjoy this chart to see your Fib levels, and see which lines turn as supports. And do your own research - a great place to start - coinmarketflow website, and set your MDR and Bids/Asks with the volume + price on the charts, and enjoy the monstrosity that's taking place.
Next thing I want to bring your attention to the is the strong resistance line it's been following for a while now. It's marked as the Strong resistance line on the chart. On my charts, the red lines are resistance lines, and blue are support lines.
If we explode upwards, the immediate target would be 3370, and 3570.
However, we have barely spent enough time in the 3000-3800 region for it to create an accumulation zone. We are just really getting to it, after the last bearish head and shoulders pattern in May.
We need to spend time in a certain zone for it flip as support and see how the price plays there.
EMA and MA also need to catch up. We haven't seen a healthy test of the EMA 100 or the MA 100 in a while.
From my experience, ascending wedges tend to have the price breaking downwards out of the wedge momentarily to re-pack the punch for the ATH. Our job is to figure out where this packing happens. We want to get in in that zone because that's the spot it crashes to, accumulates, then rises from.
From the chart, that zone seems to be around the 0.5 Fib level, or $3050.17. If we trace the EMA and MA 100 upwards, the timeline looks to be Aug 19-20.
I would love to be a little neutral, but I am slightly bearish for the very very short-term (month), only for re-testing and small accumulation.
BUT, long-term wise, volume is on the bullish side! Volume is slowly increasing again throughout the month no matter how slight the price rises. MDR and Bids/Asks have a stronger momentum than the last ATH ! Crazy!
Enjoy this chart to see your Fib levels, and see which lines turn as supports. And do your own research - a great place to start - coinmarketflow website, and set your MDR and Bids/Asks with the volume + price on the charts, and enjoy the monstrosity that's taking place.
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