ETH hit new highs, however it appears that momentum for a continuation upwards is fading, as well as being in the over bought territory.
On shorter time frames, we can see the consolidation as the BBands tighten.
Recently ETH partner BTC recovered from a sell off earlier in the week, pressuring eth to follow. However, BTC is also showing a decrease in buyer volume, as well as crypto stocks.
We can see that there is a clear long term divergence appearing on our RSI, as well as the MACD losing buyer volume.
To confirm our downtrend view, we want to see the MACD turning and nearing a cross over. In addition, end of ETH daily today will confirm if we have a divergence in MACD as well.
Target 1 is 2590 (retracing back to BBands), but psychologically we might near 2400, hitting our MA20.
Lastly, we are seeing a bearish market over all at the end of this trading week.
Please note: my analysis is for a shorter term outlook within the next day,few days and is not a long term position.
On shorter time frames, we can see the consolidation as the BBands tighten.
Recently ETH partner BTC recovered from a sell off earlier in the week, pressuring eth to follow. However, BTC is also showing a decrease in buyer volume, as well as crypto stocks.
We can see that there is a clear long term divergence appearing on our RSI, as well as the MACD losing buyer volume.
To confirm our downtrend view, we want to see the MACD turning and nearing a cross over. In addition, end of ETH daily today will confirm if we have a divergence in MACD as well.
Target 1 is 2590 (retracing back to BBands), but psychologically we might near 2400, hitting our MA20.
Lastly, we are seeing a bearish market over all at the end of this trading week.
Please note: my analysis is for a shorter term outlook within the next day,few days and is not a long term position.
Order cancelled:
We did not get a confirmation of the down trend, therefore we wait for a new entry :)