We have seen a very important development on the 8H chart for both BTC and ETH.
Both assets after seeing a selloff through the day then found some LTF support and ending up printing reversal dojis on the 8H.
Apart from the doji printing both assets are at extremely important levels for the RSI.
ETH is slight above overbought conditions meaning if we can see price start to go back up here the strength should get stronger which could help push price past the $3,100 level and towards that $3,400 level.
BTC is right at the 70 level. Therefore if price and push up here then the strength should follow and show a perfect test of overbought conditions as the support level. But if BTC price fails to maintain the strength, a dip below overbought conditions could send us further down towards the $112,000-$116,000 levels depending on how strength looks at that time. The would also coincide with a perfect retest, but the most important indicator in the short term will see how price reacts to this over the next 8 hours.
Both assets after seeing a selloff through the day then found some LTF support and ending up printing reversal dojis on the 8H.
Apart from the doji printing both assets are at extremely important levels for the RSI.
ETH is slight above overbought conditions meaning if we can see price start to go back up here the strength should get stronger which could help push price past the $3,100 level and towards that $3,400 level.
BTC is right at the 70 level. Therefore if price and push up here then the strength should follow and show a perfect test of overbought conditions as the support level. But if BTC price fails to maintain the strength, a dip below overbought conditions could send us further down towards the $112,000-$116,000 levels depending on how strength looks at that time. The would also coincide with a perfect retest, but the most important indicator in the short term will see how price reacts to this over the next 8 hours.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.