ETH is trading inside the parallel channel, but for how long ?
ETHUSDT is trading inside the parallel channel, if we look at 4H candles.
It's giving a short term bearish sign, and seems like testing the immediate support at $2450. If it holds this support level, for few candles, it might make another higher high at about $2758, also making a new ATH.
On the other hand, if it fails to hold the immediate support level, it might see a downward move till $2250 - $2270.
If we look at RSI, it is giving mixed signals. Also, if the immediate support level holds with good volume, the RSI might visit the overbought region.
Bollinger Bands are expanding and contracting which shows range trading.
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It's giving a short term bearish sign, and seems like testing the immediate support at $2450. If it holds this support level, for few candles, it might make another higher high at about $2758, also making a new ATH.
On the other hand, if it fails to hold the immediate support level, it might see a downward move till $2250 - $2270.
If we look at RSI, it is giving mixed signals. Also, if the immediate support level holds with good volume, the RSI might visit the overbought region.
Bollinger Bands are expanding and contracting which shows range trading.
Follow us for more trading ideas and share your thoughts in comments section.
At Tuned, we strive by educating traders about trading tools, risk management, and most primarily algorithmic trading. Join our community of ever growing traders to learn more.
HAPPY TRADING
Comment:
Created another higher high and an ATH very early