Many things look bearish but more so undecided at this point, hence I would expect sideways movement for some time even though some things have confluence (favorite word to explain things in common) in the bearish direction.
********** If I was to make a call for ETH, I would say there is more downward pressure for the long term because of the strong rejection. ************************
In short:
a) ALT Dominance chart still in the down trend, at best it can go sideways.
b) BTC holds up better than ALTs in a down trend. Last 2 days, BTC found gains and I would expect this to continue.
c) ADX and DI indicator shows in the 4 hrly chart, more down ward pressure
d) RSI hitting 8%, accepting that its oversold, however this doesn't mean it will bounce up quickly
e) Accumulation index is below 0
f) I have ETH still in the downward channel with a strong rejection at the top of it.
ETH WEEKLY Chart: All EMA\SMA above the price, strong rejection.
ETH 3 Day perspective
Price in the strong support range and hence why I expect more sideways movement in the short term. Hence I would wait and observe some more
ALT Dominance chart
BTC Dominance chart (4 HRLY Chart)
BTC Dom. Daily chart
Interesting to note, GOLD has gone up around the same time? 4 HRLY chart
********** If I was to make a call for ETH, I would say there is more downward pressure for the long term because of the strong rejection. ************************
In short:
a) ALT Dominance chart still in the down trend, at best it can go sideways.
b) BTC holds up better than ALTs in a down trend. Last 2 days, BTC found gains and I would expect this to continue.
c) ADX and DI indicator shows in the 4 hrly chart, more down ward pressure
d) RSI hitting 8%, accepting that its oversold, however this doesn't mean it will bounce up quickly
e) Accumulation index is below 0
f) I have ETH still in the downward channel with a strong rejection at the top of it.
ETH WEEKLY Chart: All EMA\SMA above the price, strong rejection.
ETH 3 Day perspective
Price in the strong support range and hence why I expect more sideways movement in the short term. Hence I would wait and observe some more
ALT Dominance chart
BTC Dominance chart (4 HRLY Chart)
BTC Dom. Daily chart
Interesting to note, GOLD has gone up around the same time? 4 HRLY chart
Note
Chart Update: Notice has the fib.fan lines and channel fib. levels are respected. Next going long target is 145 or less. It might rally a little because there is now selling exhaustion coming in.
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Disclaimer
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Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Related publications
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.