ETH's beautiful parallel channel (Correction still possible)
This is an interesting look for ETH on the 4hr TF. We can see it running in a nice parallel channel and it is currently at the top of this channel. a correction to the mid line of this channel lines up with both the 1600 dollar area and the top of the green ichimoku and the bottom of this trend line, lines up perfectly with the previous resistance at the 1430 dollar area which was never properly retested for support.
A move down to the bottom of this channel would definitely be a good idea to long and my opinion is very possible. The reason I say this is that there is a lot of bearish divergence on the 4hr and 1hr TF on the RSI.
Bearish Divergence is when the price makes higher highs and the RSI makes lower highs, indicating that there is weakness in the buying and a correction is due. This is only one indicator that gives us perspective and needs to be used in conjunction with proper TA, Candle Stick Patterns and support and resistance levels.
-
-
-
-
-
-
-
-
Disclaimer: The content covered in this channel is NOT to be considered as investment or trading advice.
I am NOT a financial adviser. These are only my own speculative opinions, ideas, theories, hypotheses and trade setup ideas on the market. The content posted in this channel is purely for entertainment purposes only and the information is NOT to be used or replicated by others.
A move down to the bottom of this channel would definitely be a good idea to long and my opinion is very possible. The reason I say this is that there is a lot of bearish divergence on the 4hr and 1hr TF on the RSI.
Bearish Divergence is when the price makes higher highs and the RSI makes lower highs, indicating that there is weakness in the buying and a correction is due. This is only one indicator that gives us perspective and needs to be used in conjunction with proper TA, Candle Stick Patterns and support and resistance levels.
-
-
-
-
-
-
-
-
Disclaimer: The content covered in this channel is NOT to be considered as investment or trading advice.
I am NOT a financial adviser. These are only my own speculative opinions, ideas, theories, hypotheses and trade setup ideas on the market. The content posted in this channel is purely for entertainment purposes only and the information is NOT to be used or replicated by others.