ETHEREUM is on to something. 1D & 4H analysis on KuCoin exchange
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For this particular analysis on Ethereum we are using the ETHUSDT symbol on the KuCoin exchange.
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The idea is on both the 1D and 4H time-frames where ETH recently broke above a 3 week bearish pattern and turned sideways. This consolidation is more accurately depicted on the 1D time-frame (chart on the left) where you can see the price trading sideways within the 1D MA50 (blue trend-line) and the 1D MA100 (green trend-line) since August 30. Both got successfully tested once so far as Resistance and Support respectively. A break and candle close above the 1D MA50 should be taken as a break-out buy signal towards the 2030 Resistance and possibly the 1D MA200 (orange trend-line) at the time. A break below the 1D MA100, should be taken as a short-term sell signal towards the lower Fibonacci level (0), practically the Higher Lows trend-line since the June 18 Low.
The 4H time-frame (chart on the right) shows more clearly the break-out from the Bearish trend since the August 14 High into the recent consolidation. Once the price broke above the Lower Highs trend-line it broke also above the 4H MA100 (green trend-line) and turned the 4H MA50 (blue trend-line) into the Support, which is significant. What's left, is a break and closing above the 4H MA200 (orange trend-line), which has been the rejection point on August 25 and also has a Lower Highs trend-line (dotted one) involved that needs to break.
We have to give the bullish sentiment on edge at the moment as the MACD on the 1D time-frame just did a Bullish Cross. A few more days into it so it clearly forms and then we can have more on ETH but the last fully formed 1D MACD Bullish Cross was on June 23, straight after the Low, at the beginning of this 2-month rally.
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For this particular analysis on Ethereum we are using the ETHUSDT symbol on the KuCoin exchange.
*** ***
The idea is on both the 1D and 4H time-frames where ETH recently broke above a 3 week bearish pattern and turned sideways. This consolidation is more accurately depicted on the 1D time-frame (chart on the left) where you can see the price trading sideways within the 1D MA50 (blue trend-line) and the 1D MA100 (green trend-line) since August 30. Both got successfully tested once so far as Resistance and Support respectively. A break and candle close above the 1D MA50 should be taken as a break-out buy signal towards the 2030 Resistance and possibly the 1D MA200 (orange trend-line) at the time. A break below the 1D MA100, should be taken as a short-term sell signal towards the lower Fibonacci level (0), practically the Higher Lows trend-line since the June 18 Low.
The 4H time-frame (chart on the right) shows more clearly the break-out from the Bearish trend since the August 14 High into the recent consolidation. Once the price broke above the Lower Highs trend-line it broke also above the 4H MA100 (green trend-line) and turned the 4H MA50 (blue trend-line) into the Support, which is significant. What's left, is a break and closing above the 4H MA200 (orange trend-line), which has been the rejection point on August 25 and also has a Lower Highs trend-line (dotted one) involved that needs to break.
We have to give the bullish sentiment on edge at the moment as the MACD on the 1D time-frame just did a Bullish Cross. A few more days into it so it clearly forms and then we can have more on ETH but the last fully formed 1D MACD Bullish Cross was on June 23, straight after the Low, at the beginning of this 2-month rally.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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