ETHUSD Price action has been hovering around an upper median line from the last correction. The more distant uptrend line has held a second time on the 4H Chart (help from 4H 200 Period Median Band).
There is much going on with this chart, so let me elaborate. I agree, too much drawing is ridiculous, but maybe we can find the forest through the trees here with a little confirmation from the Pitchfork.
Blue Bollinger Bands:
@ 200 Period Length w/ Standard Deviation 1.25 - Price Action Base Median $132.55
Yellow Bollinger Bands:
@ 100 Period Length w/ Standard Deviation 1.25 - Price Action Base Median $133.93
Current Price Action below both Period Length Band Medians (4-Hour Time frame)
Price trading within Upper Correction Channel seen on Pitchfork (most notably between 50 and 61.8, and below 100)
200 Period Median Line bailed out correction down from $170 once already, but current price action sitting below that average (4H) and teetering.
My thoughts are that Bulls seem to be maintaining the upper median of the correction so far (are the bears wearing, or ready to strike?).
Breaking the Upper Pitchfork 1.5 Median Line (purple) & Upper Trigger line would appear Bullish.
However, with price action caught below the averages, a break below would indicate a loss of the 100 Period lower band, a break of the .618 fork median line, as well as a break of the distant uptrend line that would challenge the downtrend correction channel at the .5 level.
Any weakness here and an escape to the lower 200 Period Band at the present $120 range is within Bear's Reach.
Price action could remain sideways for a day or two while this gets sorted out.
There is much going on with this chart, so let me elaborate. I agree, too much drawing is ridiculous, but maybe we can find the forest through the trees here with a little confirmation from the Pitchfork.
Blue Bollinger Bands:
@ 200 Period Length w/ Standard Deviation 1.25 - Price Action Base Median $132.55
Yellow Bollinger Bands:
@ 100 Period Length w/ Standard Deviation 1.25 - Price Action Base Median $133.93
Current Price Action below both Period Length Band Medians (4-Hour Time frame)
Price trading within Upper Correction Channel seen on Pitchfork (most notably between 50 and 61.8, and below 100)
200 Period Median Line bailed out correction down from $170 once already, but current price action sitting below that average (4H) and teetering.
My thoughts are that Bulls seem to be maintaining the upper median of the correction so far (are the bears wearing, or ready to strike?).
Breaking the Upper Pitchfork 1.5 Median Line (purple) & Upper Trigger line would appear Bullish.
However, with price action caught below the averages, a break below would indicate a loss of the 100 Period lower band, a break of the .618 fork median line, as well as a break of the distant uptrend line that would challenge the downtrend correction channel at the .5 level.
Any weakness here and an escape to the lower 200 Period Band at the present $120 range is within Bear's Reach.
Price action could remain sideways for a day or two while this gets sorted out.
Commentaire
Feels like a move down. Commentaire
Attempted breakout was not strong enough to break the 100 Period Band Median or the Upper Fork Median. Support still found around the 1.0 Median of the Pitch Fork as price action continues sideways. Still feels like a move down.
Commentaire
Commentaire
Trend Still respecting the channelClause de non-responsabilité
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