Data:
RSI - 74
Stochastic RSI > 20 level, trending up
Key support level: 352$
Fear&Greed: 88
HeatMap Risk level: 50%
Ethereum against Bitcoin valuation
It seems like buying Ethereum with Bitcoin in December was historically a great opportunity
Interpretation:
Ethereum has been in a reaccumulation phase over last couple of weeks, defending key level of 352$ and 56 level on RSI. Currently is showing signs of strength - candle is trying to close above key resistance at 440$ and Stochastic RSI is just peaking head through 20 level, confirming bullish crossover, indicating upward pressure.
RSI stays in a confident bullish regim. From ETH/BTC chart we can see price has bounced from major support after 35% correction. To sum up, Ethereum charts structure looks really bullish. The main concern is overextended price chart of Bitcoin and high Fear&Greed Index which can drag Ethereum back down to 20MA.
What we want to see is follow through of current movement next week and Bitcoin's volatility going down (consolidation) to allow investors gain more confident about altcoins market.
IF it doesn't happen we are likely to wait till December ("Ethereum December buy theory") where Ethereum needs to maintain 352$ level to stay bullish.
According to HeatMap Risk metric Ethereum is in it's fair value of approximately 50%.
III DISCLAIMER: NOT A FINANCIAL ADVICE III
RSI - 74
Stochastic RSI > 20 level, trending up
Key support level: 352$
Fear&Greed: 88
HeatMap Risk level: 50%
Ethereum against Bitcoin valuation
Interpretation:
Ethereum has been in a reaccumulation phase over last couple of weeks, defending key level of 352$ and 56 level on RSI. Currently is showing signs of strength - candle is trying to close above key resistance at 440$ and Stochastic RSI is just peaking head through 20 level, confirming bullish crossover, indicating upward pressure.
RSI stays in a confident bullish regim. From ETH/BTC chart we can see price has bounced from major support after 35% correction. To sum up, Ethereum charts structure looks really bullish. The main concern is overextended price chart of Bitcoin and high Fear&Greed Index which can drag Ethereum back down to 20MA.
What we want to see is follow through of current movement next week and Bitcoin's volatility going down (consolidation) to allow investors gain more confident about altcoins market.
IF it doesn't happen we are likely to wait till December ("Ethereum December buy theory") where Ethereum needs to maintain 352$ level to stay bullish.
According to HeatMap Risk metric Ethereum is in it's fair value of approximately 50%.
III DISCLAIMER: NOT A FINANCIAL ADVICE III
Comment:
Ethereum is currently forming symetrical triangle pattern on smaller time frames at important zone from weekly chart prespective:
Comment:
According to bulkowski's chart patterns data we have 60% for brakeout to the upside
Trade active:
Trade closed manually:
no volume, no follow up, time to exit