ETHUSD - Long on 4H

ETHUSD looks like it's in a favorable position for a long at this point in time.

1 - Price is holding above the 50 period SMA on the 4H chart, while at the same time the price has been trending down in a narrow range over the last few days.
2 - MACD momentum is turning. This does not mean a lot, but in order for it to flip to being bullish again, the histogram needs to be shrinking from the red side like this.
3 - The Stochastic RSI has been low for quite a while as the price has traded in the narrow descending range. In my experience this has usually lead to at least some sort of relief.

I am keeping an eye on the entire market though. Bitcoin is likely to break out of it's long consolidated pattern and could disrupt many, if not all crypto related charts when that happens. Keeping eyes open on the entire crypto market.

DISCLAIMER: For educational and entertainment purposes only. Nothing in this content should be interpreted as financial advice or a recommendation to buy or sell any sort of security or investment including all types of crypto. DYOR, TYOB.

Commento:

The timing was bad. I noted the scenario to watch out for with the MACD not meaning a lot. There was obviously more room for down. Now at 100 SMA on 4h, and extremely oversold on Stochastic RSI. I kind of expect a bounce from the 100, but as oversold as things are I wouldn't be surprised if I need to average down to the 200 SMA.

Commento: