ETHUSD
Price and RSI are in sync in rising channels, with current price target @ $160 ± 10.0%. Price action could be showing a breakout of the declining channel; though it is too early to make that call. PRICE ACTION
- Price actions is coming off a parabolic downward movement. We are targeting the 0.8 retrace on the long play.
- Next conservative entry is along the green line @ $145; but entries along the lower white bound of the channel should be taken.
- Stop Loss is about 5% below the channel; giving plenty of room for volatility
- The overarching movement is probably bearish.
VOLUME
The 100 candle MA is turning upwards; supporting the assumption that volatility is entering the markets. Majority of the recent above average candles have been on green movements; supporting the bullish case on the short term.
RELATIVE STRENGTH
The downward movement showed a bullish divergence on Nov-22 and Nov-25; which has allowed for the development of a rising channel. A higher low above 50.0 would be a bullish flag.
KEY PRICE AREAS
Resistance: 150, 152.50, 157.5
Support: 144, 143, 140
PREVIOUS UPDATES
2019-Sep-23
2019-Jul-22
2019-Jun-19
2019-Jun-10
2019-May-15
Comment:
Spot price focussed chart:
