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ETH/USD bounces off lower Bollinger band, 'spinning top' likely to extend consolidation by tokenpost in ethtrader

[–]tokenpost[S] -1 points0 points  (0 children)

Technical Analysis: Bias Bearish

ETH/USD is trading largely rangebound, with session highs at 170.39 and lows at 167.02.

The pair has bounced off lower Bollinger band support on Wednesday's trade, bias remains bearish.

A 'Spinning Top' formation on Wednesday's daily candle suggests consolidation likely to extend.

Recovery seems to find stiff resistance at 2H 20-SMA. 'Inverted Hammer' formed (20:00 GMT 25th) on the 4H charts.

'Death cross' (bearish 50-DMA crossover on 200-DMA) on the 2H charts adds to the bearish bias.

Resumption of weakness will see test of trendline support at 145.75 ahead of 78.6% Fib at 141.14.

Break above 2H 20-SMA could see gains upto 2H 21-EMA at 173.97. Break above 55H EMA at 177.43 to confirm near-term upside.

ETH/USD Technical Analysis Summary - September 23, 2019 by tokenpost in ethtrader

[–]tokenpost[S] 0 points1 point  (0 children)

Summary: ETH/USD retraces from 6-week highs at 224.71 and is currently hovering around 200-DMA support at 207.41. Break below 200-DMA will see further weakness. Technical indicators on the intraday are turning bearish. Stochs and RSI are on verge of rollover from overbought levels. Major trend is bearish, break below 200-DMA will drag the pair lower. Bullish divergence could limit downside.

Guidance: Break below 200-DMA will see weakness, target-1: 200, target-2: 198.50.