Ethereum / TetherUSShort
ETH two bearish divegrence and a strong support, what is coming?
Right now ETH valuation has been rallying from the 1700 level all the way up to the 2640 level. We are having two bearish divergences:
1. Volume(yellow line) is declining while ETH/USD valuation was increasing. It means people are taking a step back from opening new trades, as ETH valuation increased drastically without any major correction. It shows that bulls are not confident right now.
2. 4 hourly RSI level made a lower high while ETH price put another higher high. It again means that the bullish momentum is not strong enough recently.
Once the ETH price breaks down the green support line, we might see a correction, which is very healthy for the market.
I personally will be watching the Fibonacci 38.2 and 61.8 levels as VPVR is also showing the most volume was traded around those levels.
We can also make some fast-in-fast-out trades at around 23.6 and 50 Fibonacci levels because there's a high possibility that it will have a small bounce from those levels.
If none of the above predicted happens we continue to redraw our Fib lines and wait for some opportunities.
1. Volume(yellow line) is declining while ETH/USD valuation was increasing. It means people are taking a step back from opening new trades, as ETH valuation increased drastically without any major correction. It shows that bulls are not confident right now.
2. 4 hourly RSI level made a lower high while ETH price put another higher high. It again means that the bullish momentum is not strong enough recently.
Once the ETH price breaks down the green support line, we might see a correction, which is very healthy for the market.
I personally will be watching the Fibonacci 38.2 and 61.8 levels as VPVR is also showing the most volume was traded around those levels.
We can also make some fast-in-fast-out trades at around 23.6 and 50 Fibonacci levels because there's a high possibility that it will have a small bounce from those levels.
If none of the above predicted happens we continue to redraw our Fib lines and wait for some opportunities.
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