ETH Daily Kihon Suchi potential reversal
We're looking at a potential movement in the next couple days. The green represents Kihon Suchi at 51 periods on the daily chart from January 1st to 19 February where there was some ranging on the 1 hour chart (purple box) and the beginning of a potential 9 period reversal indication starting on 20 Feb.
The yellow represents 172 Periods on the 4 hour chart to the ranging area indicated by the purple box, with the next range being 51 Periods to a potential reversal.
The candles are very close to the Kumou and the $1425-$1450 area is strong resistance. If the price ranges along the resistance there is potential for upward movement at the edge of the 4 hour 51 period area or the daily 9 period area. If the price moves down and closes below the $1425 area it could move into the cloud where other bearish signals, to include the Tenkan Sen crossing the Kijun downwards, and the Chikou span crossing the price downwards, indicate pretty strong downward movement.
The next few days will let us know which direction to move.
This information is not trading advice, only my personal opinion on potential market movements, and is for educational purposes only.
The yellow represents 172 Periods on the 4 hour chart to the ranging area indicated by the purple box, with the next range being 51 Periods to a potential reversal.
The candles are very close to the Kumou and the $1425-$1450 area is strong resistance. If the price ranges along the resistance there is potential for upward movement at the edge of the 4 hour 51 period area or the daily 9 period area. If the price moves down and closes below the $1425 area it could move into the cloud where other bearish signals, to include the Tenkan Sen crossing the Kijun downwards, and the Chikou span crossing the price downwards, indicate pretty strong downward movement.
The next few days will let us know which direction to move.
This information is not trading advice, only my personal opinion on potential market movements, and is for educational purposes only.
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