Support at the 4403.87-4749.30 range is key
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(ETHUSDT 1D chart)
This period of volatility is expected to last until October 5th.
Accordingly, the key question is whether support can be found around 4403.87 and whether it can rise above 4749.30.
If the price fails to rise,
1st: 3900.73-4107.80
2nd: 3239.06-3438.16
3rd: 2419.83-2706.15
We need to check whether support is found around the 1st-3rd levels above.
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To break above a key point or range and continue the uptrend,
- The StochRSI indicator must be trending upward. If possible, it's best to avoid entering the overbought zone.
- The On-By-Sign Volume indicator must be trending upward. If possible, it should remain above the High Line.
- The TC (Trend Check) indicator must be trending upward. If possible, it should remain above the 0 level.
You should determine whether the above conditions are met at critical points or ranges and consider a response plan accordingly.
Currently, the StochRSI, OBV, and TC indicators are all showing an upward trend, so we believe the key point of 4403.87 has been broken upward.
However, to sustain this upward trend, the OBV indicator must rise above its High Line, and the StochRSI and TC indicators must maintain their current trend.
Therefore, we can see that support around 4403.87 is crucial.
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The 4403.87-4749.30 range corresponds to the HA-High ~ DOM (60) range.
If this level is broken upward, a stepwise uptrend is likely, but it is likely to act as resistance.
Therefore, as mentioned earlier, determining whether the conditions for an upward breakout of a critical point or range are met will help you decide how to proceed with your trade.
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Thank you for reading to the end. I wish you successful trading.
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