ETHBTC Oversold Bounce? Key Support Area| Volume Climax
Hello Traders!
Hope your all enjoying your weekend,
Today’s update will be on ETHBTC, key levels to watch after this initial dump, will a bounce come to fruition or a continuation?
Points to consider,
- Trend broke out of falling wedge pattern on the macro timeframe
- Support at .50 Fibonacci
- Local resistance in confluence with local top
- Stochastics in lower regions
- RSI currently oversold
- EMA’s yet to meet price
- Volume climax Bars
After initial break from its falling wedge pattern, ETH topped out at local resistance before a massive dump to the .618 Fibonacci retracement level. It is currently holding support at the .50 Fibonacci level, the wicks down to the .618 level signals that buyers a strong, this area is also in confluence with local support.
Resistance is where price has locally topped out; ETH needs to break this key level for a bullish continuation in the overall trend.
The stochastics is currently in lower regions, no bottoming signal yet, it can stay in these regions for an extended period of time, a bounce however will have a lot of stored momentum to the upside.
The RSI is currently way oversold, needs to cool off from these areas, if price holds support and moves up then the RSI will have a chance to recover so with other indicators…
EMA’s are yet to meet price, it has been holding as resistance thus will add more selling pressure to the price when it meets at local support. A cross of the EMA’s at local support will be extremely bullish…
Volume has climaxed, signally a temporary bottom for ETH, unless price breaks through the .618 Fibonacci within the next couple days.
Overall, IMO, local support is strong here, last time ETH wicked down; it had a rally into local resistance. Bulls need to defend this key level, otherwise yearly lows are on the cards if support was to be broken.
What are your thoughts?
Please leave a like and comment,
And remember,
“Only The Game , Can Teach You The Game” – Jesse Livermore
Hope your all enjoying your weekend,
Today’s update will be on ETHBTC, key levels to watch after this initial dump, will a bounce come to fruition or a continuation?
Points to consider,
- Trend broke out of falling wedge pattern on the macro timeframe
- Support at .50 Fibonacci
- Local resistance in confluence with local top
- Stochastics in lower regions
- RSI currently oversold
- EMA’s yet to meet price
- Volume climax Bars
After initial break from its falling wedge pattern, ETH topped out at local resistance before a massive dump to the .618 Fibonacci retracement level. It is currently holding support at the .50 Fibonacci level, the wicks down to the .618 level signals that buyers a strong, this area is also in confluence with local support.
Resistance is where price has locally topped out; ETH needs to break this key level for a bullish continuation in the overall trend.
The stochastics is currently in lower regions, no bottoming signal yet, it can stay in these regions for an extended period of time, a bounce however will have a lot of stored momentum to the upside.
The RSI is currently way oversold, needs to cool off from these areas, if price holds support and moves up then the RSI will have a chance to recover so with other indicators…
EMA’s are yet to meet price, it has been holding as resistance thus will add more selling pressure to the price when it meets at local support. A cross of the EMA’s at local support will be extremely bullish…
Volume has climaxed, signally a temporary bottom for ETH, unless price breaks through the .618 Fibonacci within the next couple days.
Overall, IMO, local support is strong here, last time ETH wicked down; it had a rally into local resistance. Bulls need to defend this key level, otherwise yearly lows are on the cards if support was to be broken.
What are your thoughts?
Please leave a like and comment,
And remember,
“Only The Game , Can Teach You The Game” – Jesse Livermore
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