ETH double bottem playing out
Welcome fellow Tradingviewers,
Altcoins have been taking of for the last couple of weeks and Ethereum does not want to be left behind.
Ethereum is the number two with about 10% dominance in the crypto market, will that rise? Let's find out!
We will be analysing ETH using a top-down strategy, including candlestick patterns, indicators and price patterns.
Monthly:
- The september monthly close gave the first Buy signal.
- The last monthly close was neutral and this one is starting to look like a bullish engulfing candle, indicating more upside momentum
Weekly:
- We found support on the 17500 sats area twice now, resulting in a double bottem, with it's target around 28000 sats, indicating more upside momentum.
- The last weekly close was a bullish engulfing candle, indicating more upside momentum.
- We are currently above the 50MA, indicating more upside momentum.
- MACD has crossed bullish, indicating more upside.
- RSI is in neutral territory
Daily:
- The last daily candle has closed in a bullish engulfing candle, indicating more upside momentum.
- We are currently testing the first real resistance around 25000 sats, indicating downside momentum.
- MACD is in bullish territory, indicating more upside momentum
- RSI is oversold, indicating downside momentum.
In summary:
We can clearly see that we have broken through the 22K sats resistance, tested 23K, retested 22K and are now heading higher. You could say that this was the neckline of the double bottem pattern.
So from now on we expect that ETH is going to act as is usual when a double bottem has formed and this means that ETHBTC should head higher towards the: 27/28K sats area.
Upon reaching this area we will update again.
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
FORALLCRYPTO
Altcoins have been taking of for the last couple of weeks and Ethereum does not want to be left behind.
Ethereum is the number two with about 10% dominance in the crypto market, will that rise? Let's find out!
We will be analysing ETH using a top-down strategy, including candlestick patterns, indicators and price patterns.
Monthly:
- The september monthly close gave the first Buy signal.
- The last monthly close was neutral and this one is starting to look like a bullish engulfing candle, indicating more upside momentum
Weekly:
- We found support on the 17500 sats area twice now, resulting in a double bottem, with it's target around 28000 sats, indicating more upside momentum.
- The last weekly close was a bullish engulfing candle, indicating more upside momentum.
- We are currently above the 50MA, indicating more upside momentum.
- MACD has crossed bullish, indicating more upside.
- RSI is in neutral territory
Daily:
- The last daily candle has closed in a bullish engulfing candle, indicating more upside momentum.
- We are currently testing the first real resistance around 25000 sats, indicating downside momentum.
- MACD is in bullish territory, indicating more upside momentum
- RSI is oversold, indicating downside momentum.
In summary:
We can clearly see that we have broken through the 22K sats resistance, tested 23K, retested 22K and are now heading higher. You could say that this was the neckline of the double bottem pattern.
So from now on we expect that ETH is going to act as is usual when a double bottem has formed and this means that ETHBTC should head higher towards the: 27/28K sats area.
Upon reaching this area we will update again.
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
FORALLCRYPTO
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