PRICE ACTION
The weekly chart closed with a relatively stock red body (body larger than wicks); which is somewhat counter to the indecision shown by the BTCUSD charts. This is likely due to Ethereum being closer to overhead resistance which was able to push down and restrict price earlier in the week.
Looking at the lower timeframes; it appears that the 4H chart is currently rejecting off the $170 resistance and could well be positioned to move into its next leg down. RSI has had to opportunity to reset and it now back testing the top of the descending trend line (as well at the 50.0 crossover line).
OPEN INTERESTS (BITFINEX)
Long: 2.37 Days
Short: 0.34 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 170, 190, 195
Support: 160, 155, 155 (28D MA)
PREVIOUS ANALYSIS
The weekly chart closed with a relatively stock red body (body larger than wicks); which is somewhat counter to the indecision shown by the BTCUSD charts. This is likely due to Ethereum being closer to overhead resistance which was able to push down and restrict price earlier in the week.
Looking at the lower timeframes; it appears that the 4H chart is currently rejecting off the $170 resistance and could well be positioned to move into its next leg down. RSI has had to opportunity to reset and it now back testing the top of the descending trend line (as well at the 50.0 crossover line).
OPEN INTERESTS (BITFINEX)
Long: 2.37 Days
Short: 0.34 Days
RELATIVE STRENGTHS
- Micro (5m): Slightly oversold
- Short Term (4h): Lower High
- Mid Term (1D): Flat
- Macro (1W): Hidden Bearish
ON BALANCE VOLUME
- Mid Term (1D): Higher
- Macro (1W): Lower
KEY PRICE AREAS
Resistance: 170, 190, 195
Support: 160, 155, 155 (28D MA)
PREVIOUS ANALYSIS
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