ETHUSDT - A few days rise ? (Beginner analysis)
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Hello !
I'm a beginner in the cryptocurrency market and I'm trying some small and short-terms analysis.
This graph is on a H4 scale, the black line is the moving average and is a 20 moving average.
On the night of the 23rd, we've all seen that harsh drop and felt it in our wallets. We're slowly growing back in a very beautiful triangle pattern (its lower bound is being tested and respected multiple times) and we've broken the upper bound a few hours ago.
The chart starts to indicate a retest at around USDT 2300. Our breaking trend follows a very small Fibo trend that we se better on a M30 scale.
If we hope for the upwards trend to be increased by the breaking of the triangle and if we draw another Fibo trend from the very bottom of the dip at USDT 2103 up to the last high at USDT 2643, we can hope for a rise back up to the USDT 2643 peak, and maybe see if we can rise up to the first and second target, respectively at USDT 2643 and USDT 2850. We can also see that everytime we broke the 20 moving average in the last days, we've kept the trend. When breaking in downwards, the prices fell, and upon coming back up and breaking it, the prices rose.
Also, on a H1 to H4 scale, our RSI is somewhere around 50-60, which is not very concerning at the moment and may even go a bit lower if we retest the upper bound of the triangle pattern. What's more interesting is the Stoch, crossing again and again this afternoon while staying above 80.
If we retest the triangle and enter it, our indicators may show us a downwards trend, getting us further and further away from our USDT 2643 peak. But don't forget that overall, we're still on an upwards trend, still above a 50moving average on a D1 scale.
Disclaimer : I'm a beginner is this domain, I'm not a financial advisor. Criticism welcome !
I'm a beginner in the cryptocurrency market and I'm trying some small and short-terms analysis.
This graph is on a H4 scale, the black line is the moving average and is a 20 moving average.
On the night of the 23rd, we've all seen that harsh drop and felt it in our wallets. We're slowly growing back in a very beautiful triangle pattern (its lower bound is being tested and respected multiple times) and we've broken the upper bound a few hours ago.
The chart starts to indicate a retest at around USDT 2300. Our breaking trend follows a very small Fibo trend that we se better on a M30 scale.
If we hope for the upwards trend to be increased by the breaking of the triangle and if we draw another Fibo trend from the very bottom of the dip at USDT 2103 up to the last high at USDT 2643, we can hope for a rise back up to the USDT 2643 peak, and maybe see if we can rise up to the first and second target, respectively at USDT 2643 and USDT 2850. We can also see that everytime we broke the 20 moving average in the last days, we've kept the trend. When breaking in downwards, the prices fell, and upon coming back up and breaking it, the prices rose.
Also, on a H1 to H4 scale, our RSI is somewhere around 50-60, which is not very concerning at the moment and may even go a bit lower if we retest the upper bound of the triangle pattern. What's more interesting is the Stoch, crossing again and again this afternoon while staying above 80.
If we retest the triangle and enter it, our indicators may show us a downwards trend, getting us further and further away from our USDT 2643 peak. But don't forget that overall, we're still on an upwards trend, still above a 50moving average on a D1 scale.
Disclaimer : I'm a beginner is this domain, I'm not a financial advisor. Criticism welcome !
Note
Edit : last line : in*
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