On the Bullish side ETH is currently above major resistance levels (4h and daily timeframes) when using Ichimoku (except the big cloud above but there are enough opportunities right now to go long until reaching it)
But on the Bearish side we might be in a middle of a new Eliott Wave and the weekly chart shows a bear flag formed by the last three candles.
Bullish if ETH closes the day above 230$ (Kijun Sen on the daily timeframe)
- ETH is above Kijun Sen on the 1h, 4h and daily time frame
- Positive signs on the MACD (1h, 4h and Daily)
- Positive signs on the Stoch RSI (1h, 4h and Daily)
Neutral if ETH closes below 230$
Bearish if ETH closes below 220$ (Kijun Sen on...
On the bullish side ETH found support on Kijun Sen (thin red line) on the daily timeframe
... but ETH also found a resistance at the .681 Fionacchi retracement level from the last dump.
I have no open position on ETH right now. I'm just looking at the price and wait better conditions before taking action.
I'm neither bullish nor bearish right now but to go higher (>6770$):
(a) BTC must break the Kijun Sen (red line)
(b) Chikou Span (green line) must break its kijun
It will probably be a hard resistance.
If BTC does kreak this level the next target is 6920$ which is a .618 Fib retracement from the latest rally.
On the mid term (more than a few days and less than 3 months) I am bearish
On the long term (more than 3 months) I bullish
On the short term (from now to a few days) I am somehow neutral to bullish because:
- Support found (see green line)
- Short positions at all time high (or almost)
- Very low RSI (4h time frame)
- Bullish divergence (1h and 4h...
(2) was a text book .618 Fibonacci retracement
(3) could be a 1.618 Fibonacci extension of (1) to (2)
(4) could be a .5 Fibonacci retracement of (2) to (3)
(5) coule be 1.618 Fibonacci extension of (2) to (3).
I personally find it hard to believe as I am a long term Bitcoin maximalist but... nothing is impossible in the crypto space.