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Is Huobi Token Megaphone Pattern Bullish or Bearish?Over the past 3.5 months, Huobi Token (HT) has been developing a megaphone pattern, also known as the broadening pattern. The pattern is neither bullish nor bearish, but it hints at a period of heightened volatility as long as HT's price remains trapped inside the megaphone support and resistance levels. HT Megaphone Pattern The megaphone pattern can be recognized by successive higher highs and lower lows. On the price chart, this pattern is visible by two diverging trendlines. Usually, the pattern marks a period of high volatility with no clear market direction. HT's price is testing the upper resistance trendline of the megaphone pattern around the $7.10 level. RSI Oscillator After the recent sharp rally, HT's price is greatly overbought. The Relative Strength Index (RSI) has reached 84, its highest reading since February 2021. Fears of the rally losing momentum are justified, as other technical factors are calling for a pause. Aside from extreme overbought levels, HT's price is also battling the key 200-day simple moving average. 200-Day Simple Moving Average While we broke above the 200-day simple moving average, it remains to be seen how this will play out within the megaphone pattern. For a fundamental shift in the market sentiment, we need multiple daily closes above the 200-day SMA. The current daily candle already shows signs of rejection at the megaphone resistance trendline, which may be another sign that, in the short term, the bullish momentum is running out of steam. Looking forward: To the downside, the first support area is the $5.00 big psychological level. A daily break and close below $5.00 will eventually open the door for a retest of the lower support trendline.
H
by cryptohopper
2
GBPCHF, WOULD TRADE THIS PAIR SELL ONLYAs this pair keeps forming lower low I think it is better to trade this with sell position. Sell the rally would be a wiser approach. Area sell is would be around 1.11906 (senkou a), 1.13621 (senkou b) or sma 50 1.14323. Then what if the price keeps breaking low without correction? Everytime it forms new low if you wanna buy it, risk only 1-2% from your capital. So far this pair yet gives any reversal structure. I wish u all have good trade.
Short
by HendyHalim
Ethereum Pre-Merge Pattern and Post-Merge PatternUnderstanding Ethereum's (ETH) price action before the merge event can give us further insight into what may lay ahead. Chart patterns are real, and the historical price action tells us they are repetitive. Based on the price action structure, it appears we're in the process of developing a Zig-Zag pattern, which is a price sequence where the first leg and the last leg are more or less similar. Ethereum Pre-Merge Pattern Based on the Elliott Wave analysis, Ethereum is forming a zig-zag pattern in the cycle from the mid-June low. In the first leg up (wave A), the price shows a five-wave price structure. The price then retraced in wave B, bottoming at the $1,424 low. The current price action structure suggests ETH's price is calling for further strength as long as the $1,424 low holds the downside. It may be that post-merge, ETH's price will surge to complete wave C of the zig-zag pattern. Wave C should have the same internal 5-wave price structure as wave A, which, if it transpires, should call for further strength above the $2,000 psychological level. Looking forward: The next big hurdle once the $2,000 level is cleared is the 200-day simple moving average, which currently stands at $2,080. If wave C equals wave A, then we can potentially see ETH's price hitting $2,500 during the current bull run.
by cryptohopper
Ethereum Flashes Golden Cross Signal for Second Time in 2022Ethereum (ETH) printed a widely followed bullish signal on its daily chart that calls for more upside ahead. This technical pattern can signal a shift in market sentiment from bearish to bullish, and we're likely to experience higher prices. ETH Golden Cross The golden cross is a moving average crossover strategy triggered when the 50-day simple moving average crosses above either the 200-day or 100-day simple moving average. This is the second time that Ethereum has printed the golden cross signal this year. The first golden cross signal occurred in mid-April, but it failed to lead to higher prices. However, the first failed attempt can be a positive sign now, because we’re less probable to get the same buy signal twice and fail in both instances. However, given the overall market bearish circumstances, there is still a relatively high chance of failure. Some research suggests that the golden cross has about a 64% success rate. Short-Term Oversold Readings In the short term, we can see that ETH's price is oversold, at least according to the stochastic indicator. Additionally, the sell-off from the $2,000 big round number appears to have found support at the 50% Fibonacci retracement level measured against the rally from the mid-June low. The 50% Fibonacci level is currently at the $1,455 level, and below that, we have the $1,280 intermediate support level that intersects a rising trendline. Looking forward: As long as the support levels hold, the bulls have another chance to try to reclaim the $2,000 psychological level.
COINBASE:ETHUSD
by cryptohopper
3
How Ethereum Could Break Above $2,000Ethereum (ETH) has experienced another tremendous rally of about 130% since its June low. That said, in the short term, price action indicates that the $2,000 psychological level is still a difficult resistance to overcome. Here are three things that need to happen to give ETH a higher chance of breaking above $2,000. #1 RSI Needs to Stay Above 50 The Relative Strength Index (RSI) needs to continue printing readings above the 50 mid-level. This will signal that there is positive momentum behind the current rally. #2 Golden Crossover Signal Needs to Materialize A golden crossover between the 100-day and 50-day simple moving averages is a significant bullish signal. The two moving averages are currently very close to one another, and the signal could happen anytime in the coming days. A golden crossover can happen when the 50-day SMA crosses above the 200-day SMA, or when there is a bull cross of the 50-day and 100-day moving averages. By using the second combination of moving averages, we get the golden crossover signal much earlier. #3 Pullbacks Need to Stay Above $1,500 Any pullback in price needs to fail above $1,500. Otherwise, we may end up breaking below the 100-day and 50-day simple moving averages and below crucial support levels. A break below $1,500 will diminish the probability of a continuation beyond $2,000. Bottom line: For Ethereum's rally to continue to $2,000 and beyond, the RSI needs to stay above the mid-level 50, the 50 SMA needs to cross over above the 100 SMA daily chart, and finally, any pullback needs to remain above $1,500.
by cryptohopper
Ethereum ETHUSDT - Millennium Elliott Wave + 200 weekly MA!- As per my Elliott Wave analysis on the weekly scale, we have 2 impuls waves successfully completed and now we are missing the final impulse wave! - ABC correction (Wave 4) can be done, because wave 4 should not overlap the first wave. - 200 weekly moving average is currently acting as a very strong support! - Also the price is currently sitting on 0.786 fibonacci retracement. - If you take a look at RSI indicator, you can spot a bearish divergence from previous waves, which helps us to identify the Elliott wave structure. - Looks like the bear market can be over and we are ready for another massive bull market! - Check my related analysis for Bitcoin down below!
Long
by UnknownUnicorn2537518
3