ETHBTC Testing Critical Resistance Level!
Hello Traders!
Today’s chart update will be on ETHBTC which is testing a very critical resistance level in its established 4hr time frame bull trend. A break of this local resistance will increase the probabilities of testing major structural resistance, presenting a potential trade set up.
Points to consider,
- Trend line being respected
- Price testing local resistance
- Support found at .50 Fibonacci
- Stochastics in upper region
- RSI testing its resistance
- EMA’s supporting price
- Volume increasing
- VPVR showing a decrease in volume of transactions
ETH is looking very bullish as it respects its trend line, confirmed by three touches; this trend line comes perfectly into local resistance. This local resistance is a very critical level as a break will continue this bullish bias; a rejection will negate market structure, putting in a potential triple top.
After initial bull impulse, support was found at the .50 Fibonacci Level, being in confluence with the trend line, this area was very strong for bulls who were able to continue the trend.
The Stochastics is currently trading in the upper region where it can stay for an extended period of time; there is no evidence of downside momentum at current given time. The RSI is currently testing it resistance, coming closer into its apex, a move will be imminent very shortly.
EMA’s are holding price support as it comes into local resistance; overall support is very strong for the bulls as the EMA’s are in confluence with the trend line. Volume itself is showing an increase, this needs to continue upon the break of local resistance to avoid the chances of a fake out.
The VPVR visibly shows a decrease in volume of transactions between the two segments of local resistance and major structural resistance. This tells us that bulls will have a greater probability of reaching technical target due to the low level of resistance from the VPVR.
Overall, IMO, a break from this critical level will be extremely bullish and will give us a trading opportunity.
A break bearish from trend line will negate market structure and a retrace back to the .50 Fibonacci will be more probable…
What are your thoughts on ETHBTC?
Please leave a like and comment,
And remember,
“Hope is bogus emotion that only costs you money.” – Jim Cramer
Today’s chart update will be on ETHBTC which is testing a very critical resistance level in its established 4hr time frame bull trend. A break of this local resistance will increase the probabilities of testing major structural resistance, presenting a potential trade set up.
Points to consider,
- Trend line being respected
- Price testing local resistance
- Support found at .50 Fibonacci
- Stochastics in upper region
- RSI testing its resistance
- EMA’s supporting price
- Volume increasing
- VPVR showing a decrease in volume of transactions
ETH is looking very bullish as it respects its trend line, confirmed by three touches; this trend line comes perfectly into local resistance. This local resistance is a very critical level as a break will continue this bullish bias; a rejection will negate market structure, putting in a potential triple top.
After initial bull impulse, support was found at the .50 Fibonacci Level, being in confluence with the trend line, this area was very strong for bulls who were able to continue the trend.
The Stochastics is currently trading in the upper region where it can stay for an extended period of time; there is no evidence of downside momentum at current given time. The RSI is currently testing it resistance, coming closer into its apex, a move will be imminent very shortly.
EMA’s are holding price support as it comes into local resistance; overall support is very strong for the bulls as the EMA’s are in confluence with the trend line. Volume itself is showing an increase, this needs to continue upon the break of local resistance to avoid the chances of a fake out.
The VPVR visibly shows a decrease in volume of transactions between the two segments of local resistance and major structural resistance. This tells us that bulls will have a greater probability of reaching technical target due to the low level of resistance from the VPVR.
Overall, IMO, a break from this critical level will be extremely bullish and will give us a trading opportunity.
A break bearish from trend line will negate market structure and a retrace back to the .50 Fibonacci will be more probable…
What are your thoughts on ETHBTC?
Please leave a like and comment,
And remember,
“Hope is bogus emotion that only costs you money.” – Jim Cramer
