On the weekly ETH/USD chart; the rise came to a hold last week at the yearly R2 Pivot from 2018. This is a strong resistance to break through.
Hard to tell if it's able to reach this years R3 Pivot anytime soon (I highly doubt it). More likely scenario would be a revisit to this years R2 Pivot first.
Wave Trend is pretty much in overbought area but it still has a bit of headroom left when looking at the previous ATH red crosses in 2017 and 2018 (red dashed lines).
More concerning to me is the Squeeze Momentum Indicator below, which is already above the 2018 high level (purple dashed line). So it's questionable if it has more room to rise higher from here atm as it's in uncharted territory ~ indicator-wise.
When/if price drops to this years R1 Pivot it could become more interesting. Because when the R1 holds as strong support I can see it turn into a giant C&H play on the weekly. With the potential to slingshot PA into price discovery as soon as it breaks through the Yearly 2018 R2 Pivot.
Overall: The fact that price is already dangling between this years R2 and R3 Pivots so early in this year is something I find quite concerning in this current momentum. But as Duke Ellington's wise words go: "It don't mean a thing if it ain't got that swing ".
Hard to tell if it's able to reach this years R3 Pivot anytime soon (I highly doubt it). More likely scenario would be a revisit to this years R2 Pivot first.
Wave Trend is pretty much in overbought area but it still has a bit of headroom left when looking at the previous ATH red crosses in 2017 and 2018 (red dashed lines).
More concerning to me is the Squeeze Momentum Indicator below, which is already above the 2018 high level (purple dashed line). So it's questionable if it has more room to rise higher from here atm as it's in uncharted territory ~ indicator-wise.
When/if price drops to this years R1 Pivot it could become more interesting. Because when the R1 holds as strong support I can see it turn into a giant C&H play on the weekly. With the potential to slingshot PA into price discovery as soon as it breaks through the Yearly 2018 R2 Pivot.
Overall: The fact that price is already dangling between this years R2 and R3 Pivots so early in this year is something I find quite concerning in this current momentum. But as Duke Ellington's wise words go: "It don't mean a thing if it ain't got that swing ".
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Touchdown on the yearly R3 Pivot.