ETH (Y20.P2.E4).What Next?

Hi All,

Continuing on with the previous ETH post but at the micro level.

Observations:
> Based on my established fib levels, in a channel, we are in an volatile area, just like back in July\August 2019.
Why, because we are near major resistance areas of 300 to 310 plus confluence with the 0.382 fib level. Hence push-back is expected.
> 300 is a physiological number and will be a strong resistance so expect the 1st attempt to fail
> Note how the macro trend line from May, 2018 to the 255 price range acted as a support level in this recent pullback.
> Note how I established the trend line resistance of 300 to 310.
> Regarding BTC, it also has similar circumstances under the major resistance of 10.5k however 300 for ETH is a major obstacle.
> RSI still in bullish formation
> As for my macro structure, refer to my previous post and my method of using fib levels in a assumed channel, just like fib. pitchfork tool

My thoughts:
While BTC consolidates at these areas, as per my chart below, ETH might just reach for the 300 range without major movement from BTC and hence why it will fail.
If it was in tangent with BTC breakout movement from this area for the 10500 resistance, ETH would also break the 300 resistance.
Hence I expect a drop to the 4 HRLY 21 EMA or the next major support level. Refer to the chart below.

*** Note: My point E on the chart is to be ignored. I am not saying it will pullback that low ***
This is just to demonstrate fluidity in the price movement.

Let me know if this chart makes sense by giving me like as a response please.


Regards,
S.Sari
(for my reference, Macro.charts)

BTC consolidation area mirrored

ETH pullback area after hitting 300

ETH Macro chart

Previous ETH post

Commentaire:

Here is a caveat I should have made clear in this post.
If BTC finishes up with consolidation and makes a breakout from the 10200 via a bullish divergence (4 hrly or more) or a bullish formation (pattern), then it is more likely that ETH will rally past 300 with decisiveness.
Hence all eyes must be on BTC and its price behaviors prior to approaching 300.

Commentaire:

ETH getting defended

Commentaire:

On the 4 HRLY, good to see the 60 EMA doing its job

Commentaire:

Not good as per BTC. Signs of weakness. Trend broken which means volatility will be in play and many will be wrekt. Where do I see it going, down to BTC's weekly 21 EMA, to be tested, and pass.

Commentaire:

Despite all the negative posts of late, one has to remember we are in an uptrend and the 11k target is not gone for BTC.
Hence the correction we are experiencing for BTC indirectly effects all the ALTs is just that.
As part of my strategy, my portfolio has not changed except with some opportunistic flipping of BTC to Alts and back.
The available $$ in reserve is for my lookout for good opportunities, usually when there is a good pullback into the pocket, the cradle of the 2, 4, 8 hrly charts. Now with ETH, just keep an eye out for this opportunity, watch the candle sticks and their wicks and some green ones to follow. If the MACD has convergence (agreeing with price) and is in the relm of support level and\or a key fib level and\or EMA. Perfect time to enter.

Commentaire:

Bearish div. playing out on the 8 hrly but not on the daily. Daily macd about to cross over or has...can it be pulled back? unlikely.

Commentaire:

Price will eventually go to the trend line, above in red, which is roughly 0,5 mark

Commentaire:

2 HRLY chart, update

Commentaire:

We are going to have a nice correction, just like BTC.

Commentaire:

How are we tracking

Commentaire:

A bit of a change in formation

Commentaire:

looking at the current situation with BTC, ETH will go a little further down, to the bottom of the channel.

Commentaire:

I have 2 spots, as per the above level and the 34 EMA on the daily