ETH IN CHOPPY WATERS
ETH INTRA-DAY BREAKDOWN
What has occurred since our last INTRA-DAY BREAKDOWN FOR ETH ?
- We have called this long trade with absolute precision from 82$ and in our most recent intra-day breakdown, I had added an extra target for ETH of 199$ following fantastic upward activity and us nearly reaching our target of 175$ from an early entry of 82$. None the less, I had CLEARLY stated that 165$ ceiling was going to be tough to break and in fact, even more so, I stated that 155$ ceiling should hold pretty well.
- In addition to this, it was stated on our last full INTRA-DAY breakdown for ETH that given a rejection from 155$ that we would be finding support at 128$ OR 133$ - leaning towards the lower target at the time. None the less, the 133$ supporting region had held up well and I went on to make separate updates to priority members that they can ‘risk’ longing at this price, but we would only be estimating upward activity to 155$ and 165$ respectively and I stated that we would not be achieving our target of 175$ on this go.
- Since then, following support from 133$, we have seen the 165$ ceiling as the first key level of rejection/supply zone for ETH, and thus in total we have seen two rejections from this level and are yet to still meet our upward target of 175$.
Now moving on, we will do our usual top down analysis for ETH and have a look at what could be in store for ETH next move.
What can we see on the daily chart for ETH ?
- Well, firstly as we can clearly see on the price chart for ETH on the daily, we have so far seen two rejections take place at the 165$ mark. We can also see that price is increasing in line with the ascending trend line drawn in black and this trend line has consistently been used for support at several intervals. Furthermore, we can also observe that after the most recent rejection from 155$ price level, we ended up finding support at previous ceiling of 133$ and this allowed us to have a second knock at 165$ supply zone. We can also see on the daily charts that MA’s have consistently been used as support following the bullish crossover. This may all lead us to think that we are certainly on our way up to 175$ and 199$ targets but its never as easy as that. After seeing a rejection from 165$ and after countless messages from priority members regarding FOMO, I stated on priority discussion that we should not FOMO and instead I expect the 165$ ceiling to hold. Price is currently at 155$ and I expect bearish activity to continue till at least a minimum price of 145$ - this was a previous resistance levels, with loads of daily candles opening and closing at this level and now it could hold up as a ceiling in line with the supporting ascending trend line shown in black on the price chart on the daily. IF WE SEE A BREAK BELOW 145$ THEN THIS IS A CLEAR BREAK OF STRUCTURE AND WE WILL MOST DEFINITELY BE MAKING OUR WAY TO RETEST SUPPORT AT 133$ AND FRANKLY, THIS SUPPORT SHOULD HOLD ONCE AGAIN IN ORDER TO TEST 145$ CEILING ONCE MORE AND A RETEST OF SUPPORTING TREND LINE BEFORE MELTDOWN TO 128$ AND EVEN MORE SO TO 118$ BEFORE A FLIGHT TO 175$ AND EVEN MORE SO TO 199$ BEFORE REAL REJECTION BEGINS AGAIN TO OUR 44$ HODL BUY TARGET!
- What can be seen on our momentum indicators on the daily chart ? Firstly, we can see following a rejection from 84 level on RSI on the daily and creating highs at 165$, we saw the drop to 50 level RSI, which correlates with 120-118$ price level. Now we are beginning to see another rejection in price from 165$ level and it looks like as though we should be attempting to make our way to 40-50 level RSI for support after a break of 60 level RSI on the daily and support at 40 level RSI should correlate with a break of ascending trend line and price being at 128$ at the MINIMUM before any bullish activity may/can commence. The only obstruction lays at 133$ and this is currently a strong supporting zone for ETH but again, a break of 145$ will mean a break of trend and thus in this instance 133$ price level may only act as support in order to retest trend line before further movement to the downside at 145$ and then down to 128$ and even more so to 122$ before supporting price action can commence again.
- We can see on our RSI/ROC momentum indicator that we are at overbought territory and a rejection from currently levels is more likely than bullish price action. This indicator will need to see relief to at least the 60 level on the daily before bullish and demand price action may commence again. Again in line with supporting trend line drawn on this indicator on the daily chart.
- THE FIRST SIGN OF ASCENDING TREND LINE VIABILITY WILL BE THE FACT THAT WE WILL STAY IN SIDEWAY MOVEMENT BETWEEN 145-165$….. if THIS OCCURS THEN OUR SHORT CONCEPT TO 128$ OR LOWER WILL HOLD LESS VIABILITY AND THUS WILL LEAD TO ASCENDING TREND LINE IN FACT GIVING ETH SUPPORT TO 175$ STRAIGHT AWAY. THIS IS HIGHLY UNLIKELY TO OCCUR BECAUSE WE ARE MOMENTARILY BEARISH ON BTC PRICE ACTION AND ALSO THIS WILL MEAN THAT IT MAY BE LESS LIKELY TO ACHIEVE 199$ FINAL TARGET SIMPLY BECAUSE OF THE FACT WE DIDNT HAVE GOOD ENOUGH BEAR ACTIVITY THUS BULL ACTIVITY WILL ALSO BE CONSTRICTED. ALL REASONS WHY IT IS SENSIBLE IN THIS CASE TO USE 145$ AS THE SIGNAL FOR SHORTING TO 133$ AND 128$ (MAYBE IN WORST CASE SCENARIO TO 122$).
What can be seen on the 4 hourly chart for ETH ?
- On the price chart, we can see that a break of 145$ will lead to a break of structure. We can see that EMA on the 4 hourly charts, currently lies at 128$ and I believe we will need to use EMA 200 as support on the 4 hourly before we have any chance of bull activity being enough to break through 165$. We can also see that MA’s are currently being used as support and it will be the only thing keeping ETH from breaking supporting trend line.
- What can we see on our momentum indicators on ETH ? Well, on RSI, we can see that we are currently at a resistance level and I would expect bearish activity to continue to 40 level on the 4 hourly charts and this will be in line with 145$ trend line support. THIS ALSO GOES IN LINE WITH THE FACT THAT I STATED 145$ WOULD BE SHORT CONFIRMATION PRICE IF THIS LEVEL IS BROKEN THROUGH, SO FOR ANYONE SENSIBLE, IT WOULD BE A GOOD IDEA TO WAIT TILL THIS LEVEL IS BROKEN BEFORE RISKING A SHORT. REMEMBER, AS LONG AS WE ARE INSIDE THE ASCENDING TREND LINE THAN IT IS DANGEROUS TO SHORT ETH. It may be a good idea to short at the top, so 165$ given a retest of this level, as our momentum indicators are showing.
- Our other momentum indicator of RSI/ROC is showing similar price action, with support being found on ascending trend line drawn on this indicator and a test of 58 level is most definitely possible. Thereafter, I suspect a rejection from this level in line with ceiling of 165$ and a complete break of ascending trend line being used as support and RSI/ROC making its way to 40 level RSI/ROC on the 4 hourly charts with price correlating at 128$ at the least before any major break to the upside takes precedence. Because of the fact we expect DAILY momentum indicators to drop viciously it may be that we even see lows of 118$ being made and a double bottom forming at this level in order to continue upward activity and give new investors/traders a chance to get involved.
- This is all in line with price action that we expect of BTC, which drives the whole market.
What can be seen on the 1 hourly charts for ETH ?
- on the 1 hourly charts for ETH, we can see that currently MA is being used as support and we could test 162$ highs before bearish activity continues. Moreover, we can see that intra-day price floor on scalpers channel currently lies at 150$ so that will be the first area of demand for ETH (supporting zone). We can see more clearly how Important it is to break 145$ first before shorting because anywhere before that ascending trend line could be used for support and one last burst could take place. This is in line with the fact EMA 200 on the hourly currently lies at 145$ and thus further implicating how difficult it will be to break this level and a break of this level will indicate ridiculous bearish momentum.
- On our momentum indicators such as RSI, we are currently expecting a retest of 60 level before bearish momentum continues to the 40 level firstly and then more so to the 30 level, which is infamous supporting level on 1 hourly RSI for ETH. These will be areas were we will be thinking to buy back ETH hopefully at 122-128$.
- We can see that RSI/ROC is timidly using blue ascending trend line drawn on RSI/ROC on the 1 hourly as support and this will lead to a retest of 58 level before wedging effect of ascending trend line finishes and the journey to 40 level RSI/ROC on the hourly may begin.
- I expect once 133$ price floor is met, then we will test 145$ highs before further drops to our support zones below 133$.
PLEASE SEE RELATED IDEAS DOWN BELOW ;) & don't forget to stay up to date with our calls by following our Instagram and telegram channels down below AND ON OUR TRADINGVIEW PAGE - CALL AFTER CALL CORRECT!
What has occurred since our last INTRA-DAY BREAKDOWN FOR ETH ?
- We have called this long trade with absolute precision from 82$ and in our most recent intra-day breakdown, I had added an extra target for ETH of 199$ following fantastic upward activity and us nearly reaching our target of 175$ from an early entry of 82$. None the less, I had CLEARLY stated that 165$ ceiling was going to be tough to break and in fact, even more so, I stated that 155$ ceiling should hold pretty well.
- In addition to this, it was stated on our last full INTRA-DAY breakdown for ETH that given a rejection from 155$ that we would be finding support at 128$ OR 133$ - leaning towards the lower target at the time. None the less, the 133$ supporting region had held up well and I went on to make separate updates to priority members that they can ‘risk’ longing at this price, but we would only be estimating upward activity to 155$ and 165$ respectively and I stated that we would not be achieving our target of 175$ on this go.
- Since then, following support from 133$, we have seen the 165$ ceiling as the first key level of rejection/supply zone for ETH, and thus in total we have seen two rejections from this level and are yet to still meet our upward target of 175$.
Now moving on, we will do our usual top down analysis for ETH and have a look at what could be in store for ETH next move.
What can we see on the daily chart for ETH ?
- Well, firstly as we can clearly see on the price chart for ETH on the daily, we have so far seen two rejections take place at the 165$ mark. We can also see that price is increasing in line with the ascending trend line drawn in black and this trend line has consistently been used for support at several intervals. Furthermore, we can also observe that after the most recent rejection from 155$ price level, we ended up finding support at previous ceiling of 133$ and this allowed us to have a second knock at 165$ supply zone. We can also see on the daily charts that MA’s have consistently been used as support following the bullish crossover. This may all lead us to think that we are certainly on our way up to 175$ and 199$ targets but its never as easy as that. After seeing a rejection from 165$ and after countless messages from priority members regarding FOMO, I stated on priority discussion that we should not FOMO and instead I expect the 165$ ceiling to hold. Price is currently at 155$ and I expect bearish activity to continue till at least a minimum price of 145$ - this was a previous resistance levels, with loads of daily candles opening and closing at this level and now it could hold up as a ceiling in line with the supporting ascending trend line shown in black on the price chart on the daily. IF WE SEE A BREAK BELOW 145$ THEN THIS IS A CLEAR BREAK OF STRUCTURE AND WE WILL MOST DEFINITELY BE MAKING OUR WAY TO RETEST SUPPORT AT 133$ AND FRANKLY, THIS SUPPORT SHOULD HOLD ONCE AGAIN IN ORDER TO TEST 145$ CEILING ONCE MORE AND A RETEST OF SUPPORTING TREND LINE BEFORE MELTDOWN TO 128$ AND EVEN MORE SO TO 118$ BEFORE A FLIGHT TO 175$ AND EVEN MORE SO TO 199$ BEFORE REAL REJECTION BEGINS AGAIN TO OUR 44$ HODL BUY TARGET!
- What can be seen on our momentum indicators on the daily chart ? Firstly, we can see following a rejection from 84 level on RSI on the daily and creating highs at 165$, we saw the drop to 50 level RSI, which correlates with 120-118$ price level. Now we are beginning to see another rejection in price from 165$ level and it looks like as though we should be attempting to make our way to 40-50 level RSI for support after a break of 60 level RSI on the daily and support at 40 level RSI should correlate with a break of ascending trend line and price being at 128$ at the MINIMUM before any bullish activity may/can commence. The only obstruction lays at 133$ and this is currently a strong supporting zone for ETH but again, a break of 145$ will mean a break of trend and thus in this instance 133$ price level may only act as support in order to retest trend line before further movement to the downside at 145$ and then down to 128$ and even more so to 122$ before supporting price action can commence again.
- We can see on our RSI/ROC momentum indicator that we are at overbought territory and a rejection from currently levels is more likely than bullish price action. This indicator will need to see relief to at least the 60 level on the daily before bullish and demand price action may commence again. Again in line with supporting trend line drawn on this indicator on the daily chart.
- THE FIRST SIGN OF ASCENDING TREND LINE VIABILITY WILL BE THE FACT THAT WE WILL STAY IN SIDEWAY MOVEMENT BETWEEN 145-165$….. if THIS OCCURS THEN OUR SHORT CONCEPT TO 128$ OR LOWER WILL HOLD LESS VIABILITY AND THUS WILL LEAD TO ASCENDING TREND LINE IN FACT GIVING ETH SUPPORT TO 175$ STRAIGHT AWAY. THIS IS HIGHLY UNLIKELY TO OCCUR BECAUSE WE ARE MOMENTARILY BEARISH ON BTC PRICE ACTION AND ALSO THIS WILL MEAN THAT IT MAY BE LESS LIKELY TO ACHIEVE 199$ FINAL TARGET SIMPLY BECAUSE OF THE FACT WE DIDNT HAVE GOOD ENOUGH BEAR ACTIVITY THUS BULL ACTIVITY WILL ALSO BE CONSTRICTED. ALL REASONS WHY IT IS SENSIBLE IN THIS CASE TO USE 145$ AS THE SIGNAL FOR SHORTING TO 133$ AND 128$ (MAYBE IN WORST CASE SCENARIO TO 122$).
What can be seen on the 4 hourly chart for ETH ?
- On the price chart, we can see that a break of 145$ will lead to a break of structure. We can see that EMA on the 4 hourly charts, currently lies at 128$ and I believe we will need to use EMA 200 as support on the 4 hourly before we have any chance of bull activity being enough to break through 165$. We can also see that MA’s are currently being used as support and it will be the only thing keeping ETH from breaking supporting trend line.
- What can we see on our momentum indicators on ETH ? Well, on RSI, we can see that we are currently at a resistance level and I would expect bearish activity to continue to 40 level on the 4 hourly charts and this will be in line with 145$ trend line support. THIS ALSO GOES IN LINE WITH THE FACT THAT I STATED 145$ WOULD BE SHORT CONFIRMATION PRICE IF THIS LEVEL IS BROKEN THROUGH, SO FOR ANYONE SENSIBLE, IT WOULD BE A GOOD IDEA TO WAIT TILL THIS LEVEL IS BROKEN BEFORE RISKING A SHORT. REMEMBER, AS LONG AS WE ARE INSIDE THE ASCENDING TREND LINE THAN IT IS DANGEROUS TO SHORT ETH. It may be a good idea to short at the top, so 165$ given a retest of this level, as our momentum indicators are showing.
- Our other momentum indicator of RSI/ROC is showing similar price action, with support being found on ascending trend line drawn on this indicator and a test of 58 level is most definitely possible. Thereafter, I suspect a rejection from this level in line with ceiling of 165$ and a complete break of ascending trend line being used as support and RSI/ROC making its way to 40 level RSI/ROC on the 4 hourly charts with price correlating at 128$ at the least before any major break to the upside takes precedence. Because of the fact we expect DAILY momentum indicators to drop viciously it may be that we even see lows of 118$ being made and a double bottom forming at this level in order to continue upward activity and give new investors/traders a chance to get involved.
- This is all in line with price action that we expect of BTC, which drives the whole market.
What can be seen on the 1 hourly charts for ETH ?
- on the 1 hourly charts for ETH, we can see that currently MA is being used as support and we could test 162$ highs before bearish activity continues. Moreover, we can see that intra-day price floor on scalpers channel currently lies at 150$ so that will be the first area of demand for ETH (supporting zone). We can see more clearly how Important it is to break 145$ first before shorting because anywhere before that ascending trend line could be used for support and one last burst could take place. This is in line with the fact EMA 200 on the hourly currently lies at 145$ and thus further implicating how difficult it will be to break this level and a break of this level will indicate ridiculous bearish momentum.
- On our momentum indicators such as RSI, we are currently expecting a retest of 60 level before bearish momentum continues to the 40 level firstly and then more so to the 30 level, which is infamous supporting level on 1 hourly RSI for ETH. These will be areas were we will be thinking to buy back ETH hopefully at 122-128$.
- We can see that RSI/ROC is timidly using blue ascending trend line drawn on RSI/ROC on the 1 hourly as support and this will lead to a retest of 58 level before wedging effect of ascending trend line finishes and the journey to 40 level RSI/ROC on the hourly may begin.
- I expect once 133$ price floor is met, then we will test 145$ highs before further drops to our support zones below 133$.
PLEASE SEE RELATED IDEAS DOWN BELOW ;) & don't forget to stay up to date with our calls by following our Instagram and telegram channels down below AND ON OUR TRADINGVIEW PAGE - CALL AFTER CALL CORRECT!
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