ETH losing steam

7 Nis 2020

For now ETH seems exhausted as Bitcoin is. 4hr and daily Stoch RSI are in the overbought zone. I am looking for a retest at the fib 0.38 which is at around 163. Long-term I remain bearish due to uncertainty in market and volume decreasing steadily since we had the huge sell off. If we break the EMA50 and close above it I would consider it bullish short-term.

Successful trading to everyone and stay safe!

8 Nis 2020

İşlem kapandı: hedefe ulaştı

Indeed, the target of 163 was perfectly hit and the bulls managed to climb back to the 170 region in a short amount of time. If Bitcoin breaks the resistance with enough volume, I am looking for a long to the 0.5 Fib at around 186.

The volume still makes me doubt that this rally will continue for long. I think the worst we still haven't seen once the economic crisis really starts to have an impact and people and corporations need cash instead of holding risky assets.