ETH has been ripping these past two days & was up +20% at its peaked earlier today.
Things to note:
- Broke 100EMA & back into BF channel
- Next major resistance @ 200EMA + GP FIB @ $1710
- 9EMA turning up bullish
- June low has held @ $880
- RSI getting very OB
The highest I could see ETH going in this run would be the 200EMA & Golden Pocket FIB @ $1710ish before seeing a pullback. The question then is the same as I've mentioned with BTC: do we set a HIGHER LOW or LOWER LOW.
The thing that's making me think we are close to topping is the RSI being OB on the daily & WAY OB on the 4HR. Similar to my previous posts, the last time the RSI was @ this level we set major highs on ETH (look @ March 29 - April 4th & Aug 14th)
Does that mean we are going to rocket lower to new lows after? No, but it is certainly worth noting.
Remember, when we are looking for the most probable scenarios, we want to find confluences in the charts. The risk-on assets are nearing OB territory & reaching important TLs & FIBS, whereas the DXY is nearing OS territory & reaching major support.
My point, as with the previous posts, is that it's looking more likely that there is a bit more work to be done on building out a bottom on the risk-on assets than seeing us shoot to the moon right now.
Keep your eyes peeled over the next few weeks as I think they will be very important for us.
Things to note:
- Broke 100EMA & back into BF channel
- Next major resistance @ 200EMA + GP FIB @ $1710
- 9EMA turning up bullish
- June low has held @ $880
- RSI getting very OB
The highest I could see ETH going in this run would be the 200EMA & Golden Pocket FIB @ $1710ish before seeing a pullback. The question then is the same as I've mentioned with BTC: do we set a HIGHER LOW or LOWER LOW.
The thing that's making me think we are close to topping is the RSI being OB on the daily & WAY OB on the 4HR. Similar to my previous posts, the last time the RSI was @ this level we set major highs on ETH (look @ March 29 - April 4th & Aug 14th)
Does that mean we are going to rocket lower to new lows after? No, but it is certainly worth noting.
Remember, when we are looking for the most probable scenarios, we want to find confluences in the charts. The risk-on assets are nearing OB territory & reaching important TLs & FIBS, whereas the DXY is nearing OS territory & reaching major support.
My point, as with the previous posts, is that it's looking more likely that there is a bit more work to be done on building out a bottom on the risk-on assets than seeing us shoot to the moon right now.
Keep your eyes peeled over the next few weeks as I think they will be very important for us.