Short

Warning from Ichimoku Kinko Hyo (with original parameters)

Updated

Signal for shorting ETHUSD if Chikou Span (green line) goes below Tenkan Sen (blue line) at the closure of a 4h candle.

Then I will look for an entry point

Note

Actually we could consider that the Kijun Sen is making a resistance on the Chikou Span. In that perspective we could start shorting now.

The only issue I have right now is the three red candles in a row we just had which indicates that a green candle may be forming right now.

Note

On the hourly chart:

Tenkan sen (blue line) should be a resistance

Note

(a) ETH may find some support on Senkou Span A (SSA)
(b) Tenkan Sen (blue line) and Kijun Sen (Red line) could be a support for Chikou Span (green line)

Note

On the hourly chart

(a) As expected the lower part of the rising wedge showed some support
(b) now both Kijun Sen (red line) and Tenkan Sen (blue line) will be a support
(c) but Senkou Span B (upper part of the cloud) will be a strong resistance
(d) Chikou span (green line) will probably hurt a resistance on its Kijun (red line)

Trade active

Let's go down now

Note

Huge breakdown but... Long positions on ETHUSD are still very high => Huge potential to go down.

Note

I'm still bearish on Ethereum however it is not the moment to enter a short position. Look at the bullish divergence on the daily timeframe. RSI is still in the oversold territory.

Trade closed manually

AyKay-Trading

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.