Technical Analysis; ETH April 04
What's really going on here is...
* Its been a crazy week not only for ETH but almost all of the Crypto. ETH has experienced a massive sell off from the weak pullbacks that we saw over the weekend going into Monday. Moreover, I am still bearish as long as the trend is telling me so.
* Currently there has been a lot of ICO project news that may be affecting ETH's current price and the latest being that the EOS has been shedding their positions, on the open market, thus the reason for the blood shed. Other articles would cry over manipulation and panic induced movements while some also argue that it is a fairly new asset and market. However, this all remain as noise to a technical trader.
Something special happened today and I really wanted to share it on here with you. I took a moment to sort my different time frame charts out and here is what we've got going on so far.
- On the 15 min chart, there was a weak bull channel that formed on 04/02 (or at the least that's when I noticed it) that was successful to fake out a lot of folks into initiating positions.
- I was really vying for its breakthrough at the resistance zone of $417.26 but that was not the case as gains were solidly erased.
- From the Chart above I could tell that we are set to go much more lower as the price ranged from $407-$399 on Tuesday 04/03 until today. I would not recommend anybody to initiate any buying in large sum at the current price.
- My first Price Target On the Chart after an unsuccessful attempt to rally was right at $376 and my second price target is at $356 of which is yet to be achieved. On the hourly Chart, this is how it is...
- From the ADX line being at 36 currently, the bears are at large here and I won't be surprised if we retest $360. And further below $356 we could see $322.880.
- It also seem like the price wants back in the channel.
- On the upside, the price has to conquer $384 for more gains in the near term. The +DI is also bound to turn at any moment herein as buyers join the race. The RSI at 35.02 is also on its oversold territory therefore we should be ready to welcome the buyers anytime.
- The MACD remains negative as the selling is sustained. The Stoch. RSI measuring momentum is also overbought and its serving as a warning to watch for a bounce. A catalyst is still needed to solidify the low and signal an actual upturn.
Happy Trading and do not forget to do your own DD!!
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