ETHUSD 4H timeframe | Bearish buildup

COINBASE:ETHUSD   Ethereum / U.S. Dollar
Market in last 24hrs
ETHUSD broke the support of the Bollinger Bands midline. Historically, in the short timeframe of 4H, ETHUSD has respected the midline.

Today’s Trend analysis
ETHUSD could continue its bearish momentum, and move further downwards towards the lower band of the Bollinger Bands .

Price volatility remained high at approximately 6%, with the day's range between $2559.18 — $2762.91.
Price at the time of publishing: $2580.63
ETH's market cap: $310.94 Billion
Indicator summary signals bearish momentum.
Out of 15 Moving average indicators, 12 are giving a SELL signal.

ETHUSD could be expected to oscillate between the lower band of Bollinger Bands and the resistance at midline. MACD line has given a downward crossover. RSI has furiously descended to 50. Further downward momentum below 40 gives a 'SELL' trigger.

Volumes have remained low in the past 24 hours.

The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4Hr candles.

Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .


Feel free to provide your feedback. It would allow me to improve my analysis further!
Comment: Glad to see the movement happened exactly as defined in the charts. P.S.: this trading idea is not to predict the future movement, but to understand the correct usage of the charts and the technical indicators. Cheers:)


Nice analysis. I like that you have comments in the chart as well as the description. Thanks for contributing to the community.
200 coins
+4 Reply
@AngusMcK, cheers mate :)
anil362 AngusMcK
@AngusMcK, tradingview is really making trade easier for beginers even..keep it up
+1 Reply
Appreciat the analysis. I'm inclined to think that BTC holding 35k and not breaking down to test 30k will be the deciding factor on direction
+7 Reply
Just before your first arrow on the chart you can see price moves above the middle bollinger band and closes a candle and then proceeds to fall back under the middle line. This kind of makes your point invalid as price clearly broke above and came straight back below the band before...
+3 Reply
@Jader23, i think you totally missed the point. Price is bound to fluctuate. And so it did break the midline. But do notice the sharp rise in trading volumes when it broke the midline resistance. Cheers, mate
"out of 15 moving average signal, 12 are sell signal"
can you expand this!
+2 Reply
@XMIND2030 they are really good in this
+1 Reply
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