Ethereum has been in a recent uptrend after posting fresh lows in June but is showing signs of weakness. Will the uptrend continue or have we already maxed out our bullish run.
https://abacusjournal.com/wp-content/uploads/Vitalik-BUterin-ethereum-creator.jpg 500 800 Andrew Parish /wp-content/uploads/logo-header.png Andrew Parish2018-07-04 10:41:592018-07-04 10:41:59Ethereum Price Action Weakens After Short Run; Possible Short Position Entry
Yesterday night ETH gave many signs to exit near the swing high as every small time frame was showing bearishness and the H4 STOCH was really topped off. Today ethereum is in a downtrend again but this may or may not be the beginning of the continued descent to 350. Diving into the H1 chart we see the STOCH bottomed out while price to have seemed to have found support. The STOCH shows signs of hope for the bulls as this may allow them to have enough momentum to break over the black downtrend and hold for 2-4 H1 candles. If Ethereum is able to do that we could set to enter near the blue line and targets for the long are in green.
The RSI, however, tells a different story. RSI is seeming to match price action and that tells me the decent has more room to fall. The H4 STOCH looks nasty as its coming straight down with no signs of a pivot yet. I’m in favor of short again until we test the previous swing high. So in order to short we want to look for price action to stall at the black downtrend line again with the H1 STOCH topping out again if we get both of those we can look to enter the short near the top of the bounce. A safer entry could be found after confirmation of breaking and rejecting our most recent uptrend line shown in the chart. Targets are in red for shorts and green for the longs, I am in favor of short and will place stop near blue.
Remember to always use good risk management.