Hello friends lets take a look at a bit of a bigger coin this time. I know I've done smaller coins previously but I wanted to try my hand at ETH. So we may see a retest of around 480ish (notice I say may not so sure were going to hit that high again atm) but none the less ETH has pumped and is looking for retrace points its being over bought according to the RSI and that's usually a good indication its going to retrace some. I have pointed out the retracement points on a 1hr scale and on the 4hr scale below and its looking to play out to about the same, which is around (.618) $446 to (.786) $438 obviously those are soft number but be weary we aren't out of the woods yet with these pumps happening all over the crypto market right now. (yes they're nice and were making money but pumps cant continue forever unfortunately)
As you can see on the 4hr scale its looking to break back down on the RSI and to repeat history in the MACD indicator as well as it spreads further away from the average. The Green candles have broken through the top of the Bollinger bands on both time frames and will be looking for that retrace. So if you are not in it for the long run could possibly be a good time to short out of it and wait for a better buy in spot later down the road.
If you are holding on for the longer run as I am like a lot of my other coins this most recent pump COULD be an indication the market it turning for ETH as we continuously seem to hit above the 50 percent mark on the RSI as the price increases along with the Bollinger Bands. So if you are I will post later as we get a more clear indication for a Long Term hold and sell markers.
As always I don't give financial advice I just show what I see on the charts and give my opinion based on what I see so trade with care and what you feel comfortable with.
CryptoLeroyJ out!
As you can see on the 4hr scale its looking to break back down on the RSI and to repeat history in the MACD indicator as well as it spreads further away from the average. The Green candles have broken through the top of the Bollinger bands on both time frames and will be looking for that retrace. So if you are not in it for the long run could possibly be a good time to short out of it and wait for a better buy in spot later down the road.
If you are holding on for the longer run as I am like a lot of my other coins this most recent pump COULD be an indication the market it turning for ETH as we continuously seem to hit above the 50 percent mark on the RSI as the price increases along with the Bollinger Bands. So if you are I will post later as we get a more clear indication for a Long Term hold and sell markers.
As always I don't give financial advice I just show what I see on the charts and give my opinion based on what I see so trade with care and what you feel comfortable with.
CryptoLeroyJ out!
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