US30 Daily TF seems to be running the show for this pair. Daily showing exhaustion at the 38.2, just completed a healthy 3 bar reversal signaling continuation to the upside.
Looking at the 4HR TF to scale in on the move.
Daily TF closed with a strong inside bar reversal pattern at a strong level of support. Anticipating a false break of the 38.2 on the Daily TF. Could see this move completing by the end of next week potentially.
ETHUSD is still bullish for the bigger timeframes despite the strong push to the downside. Bigger timeframes are maintaining bullish structure.
The 4HR timeframe is giving a signal to reverse to the upside, will it be long term? depends on if the lower timeframes start trending to the upside.
As of now the 1HR and 4HR are bearish, but they do follow the lead of...
With the daily candle completing a healthy reversal pattern we could see the lower timeframes transition into an uptrend. A good amount of confluence around this area to push it to the upside.
If this 1HR Candle closes like this, it would probably be the last confirmation to initiate the push.
1HR Timeframe is projected to take profit.
4HR Timeframe is creating a double bottom reversal pattern.
Daily timeframe is at a major level of support (38.2).
It's also gaining support from the Weekly 38.2.
If this 4HR Candle closes above the red line, we could see a nice push to the upside, potentially reversing the 4HR timeframe to trend bullish.
US30 has made a strong push to the downside on the 1HR/4HR timeframe but it's setting up a reversal signal for the daily to get a nice potential push to the upside. If the 1HR manages to break the High it made, we'll get a strong push to the target area.
If we get a daily close in this area we could see a potential short for the 4HR timeframe. 1HR timeframe broke structure to give the 4HR timeframe a pullback. We could see a strong push and potential rejection from the lower horizontal line. Let's see what the candles say.
With this potential setup, we have BTCUSD making bigger timeframe pullbacks, that mean the lower timeframes are trending. Here we have a continuation of the lower timeframes setting up for the bigger timeframes.