23/10/2020
Updated
Hi guys and girls, I thought I would post a rough chart I have just done for ETH/USD. I am increasingly becoming more and more interested in Ethereum and it's use cases, though I admit, I'm a little late to the party when it comes to doing any TA lol.
Here are some S/R levels I spotted that look to be relevant. To keep it short, ETH looks as if it's touching a local high from June this year. On the 4 hour TF we have been rejected a couple of times but there is all possibility there is more room to move upwards. Most say ETH will follow Bitcoin, and to me, all looks good for BTC so in theory we could go for another leg up however don't down play this resistance level.
We do seem overextended on the momentum indicators and vol is slowly dropping off. The 21 and 50 day MA's are almost at the same point and the 21 is just a few $ more. We could see a pull back towards these levels but being new to ETH charts, I think I'll sit this out and watch for clarity though my gut says we go up a little more.
Thanks :)
Here are some S/R levels I spotted that look to be relevant. To keep it short, ETH looks as if it's touching a local high from June this year. On the 4 hour TF we have been rejected a couple of times but there is all possibility there is more room to move upwards. Most say ETH will follow Bitcoin, and to me, all looks good for BTC so in theory we could go for another leg up however don't down play this resistance level.
We do seem overextended on the momentum indicators and vol is slowly dropping off. The 21 and 50 day MA's are almost at the same point and the 21 is just a few $ more. We could see a pull back towards these levels but being new to ETH charts, I think I'll sit this out and watch for clarity though my gut says we go up a little more.
Thanks :)
Note
*Weekly*Note
*4hr*Note
Fib added I can see we are trying to push into the 'golden pocket' between the .618 and .65.
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