ETH - Tighten your belts! Reversal incoming!
Hello dear Investors, Traders and of course Beez!
Quick TA update on ETHUSDT coming up right away. Make sure to take notes and comment below if you are having any question! So stay tuned!
First things first, as we can clearly observe, today price rejected at the Ultimate Resistance - 4hr Bearish Orderblock area around 1670$ and as we forecasted on previous post on ETH, that could possibly be the peak of the relief rally, indicating us, reversal.
Technicals that are being utilized in this chart analysis for us, to determine the next moves of ETH are the following:
So without more noise, lets cut to the chase:
Consequently, we can clearly see that this relief rally is more likely a liquidity grab in order to create a lower low, rather than a healthy recovery! After all, what burst up, without consolidation, it has to go down eventually!
IMPORTANT: This is strictly a Technical Analysis and Fundamentals CAN affect our Analysis!
DISCLAIMER: This analysis is not intended to encourage any buying or selling activity of any particular securities. In addition, it should not be considered as ground for taking any trade action. Hence, your own diligence is highly recommended before entering any trade.
If you liked the idea, make sure to support with a like, follow and a comment!
Best Regards, CryptoQueens.
Quick TA update on ETHUSDT coming up right away. Make sure to take notes and comment below if you are having any question! So stay tuned!
First things first, as we can clearly observe, today price rejected at the Ultimate Resistance - 4hr Bearish Orderblock area around 1670$ and as we forecasted on previous post on ETH, that could possibly be the peak of the relief rally, indicating us, reversal.
Technicals that are being utilized in this chart analysis for us, to determine the next moves of ETH are the following:
- Volume
- RSI
- MACD
So without more noise, lets cut to the chase:
- When it comes to Volume in correlation to price activity, we observe that, price is keep rising while volume steadily decreases, indicating us Bearish Divergence.
- Moreover, MACD waves seems weaker, compare that, to strongest price buying power
- Last but not least, RSI is in the overbought area and has formed Bearish Divergence, as it recedes while price keep rising!
Consequently, we can clearly see that this relief rally is more likely a liquidity grab in order to create a lower low, rather than a healthy recovery! After all, what burst up, without consolidation, it has to go down eventually!
IMPORTANT: This is strictly a Technical Analysis and Fundamentals CAN affect our Analysis!
DISCLAIMER: This analysis is not intended to encourage any buying or selling activity of any particular securities. In addition, it should not be considered as ground for taking any trade action. Hence, your own diligence is highly recommended before entering any trade.
If you liked the idea, make sure to support with a like, follow and a comment!
Best Regards, CryptoQueens.
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