CryptoAngels

Detailed analysis of #ETH on 31.07.2018

BINANCE:ETHUSDT   Ethereum / TetherUS
News Analysis
Commonwealth Bank of Australia tested Ethereum blockchain system to deliver 17 tons of almonds to Germany. They used this system for 3 key operations of such process: shipping, documentation, and financial issues. The test went well and now the bank authorities think that the use of blockchain technologies will improve the way the bank works and raise the level of customer service. Read more: https://cryptovest.com/news/commonwealth-bank-of-australia-tests-ethereum-blockchain-supply-system/

Volume Analysis
Trading volume does not change a lot. There is a slight difference between neighboring candlesticks , but no trend of volume change is spotted.

Support/Resistance Level Analysis
Timeframe: 1H
Strong resistance level is noticeable at $456 (red line), $452 can also work as resistance. Support levels formed at $446-447, $442, and $440, but you cannot be sure that they are strong.

Timeframe: 1D
On daily timeframes the resistance is noticeable at around $470. Support is formed at around $445-450, but if it fails, the next support level is at $430 or $420.

Indicator Analysis
Timeframe: 1H
Bollinger Bands is pointing downwards, the rate is moving in its bottom half.
The price is below the Ichimoku cloud .
RSI is in the oversold zone.
These indicators demonstrate bearish trend of the market.
Timeframe: 1D
On daily timeframes symmetrical triangle that we talked about earlier was formed and now we can see that the price is dropping. The pattern is shown by gray lines on the graph.
Bollinger Bands are narrow, the rate is moving below middle line.
RSI is moving near 43% mark in its bearish zone.
Such results prove that the market became bearish .

Action Plan
Now we should expect drastic drop of the price, even though some indicators show the possibility of price rising, it is probably just a correction. But the bearish trend will continue. And after the end of this trend, when the support is strong, it is a good time to open long positions.
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