Ethereum's short term sentiment rolls bearish
PRICE ACTION
The 5m chart shows a nice price action of the sentiment shift from bullish to bearish; with the action leading into 7-May showing higher highs/lows; followed by about 30 hours of consistent lower highs/lows. Volume on each more up/down has been catalysed by spikes in volume; with the following periods being low volume consolidation. Nothing organic in this volume profile...
Looking over the 4H chart; we can see that the highs have been accelerating and pushing the pattern into a developing broadening wedge. Volume has marginally been increasing (nothing of any real excitement though); so, the bullish lean would remain in place until we see another impulse up that has lower volume parameters. RSI is filling a slightly rising channel; which should give short term bull traders some possible upside potential as RSI tests the 50.0 midpoint.
The 1D chart also offers a level of bullish potential if the 28D MA can act as support. It has been weak for the back half of April – so this is far from a sure thing. The last 2 days have wicked above the descending trend though; so, a nice strong close could add to the bullish sentiment of the 4H chart.
Finally, the 1W chart continues to struggle against the resistance that is being generated around the $200 area; although the 13W MA is reasonably close at $150.
Overall, not the best time to enter a long position; but short term traders should be able to see some opportunity here.
OPEN INTERESTS (BITFINEX)
Long: 3.66 Days
Short: 1.11 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 180, 190, 195
Support: 164 (28D MA), 160, 155
PREVIOUS ANALYSIS
The 5m chart shows a nice price action of the sentiment shift from bullish to bearish; with the action leading into 7-May showing higher highs/lows; followed by about 30 hours of consistent lower highs/lows. Volume on each more up/down has been catalysed by spikes in volume; with the following periods being low volume consolidation. Nothing organic in this volume profile...
Looking over the 4H chart; we can see that the highs have been accelerating and pushing the pattern into a developing broadening wedge. Volume has marginally been increasing (nothing of any real excitement though); so, the bullish lean would remain in place until we see another impulse up that has lower volume parameters. RSI is filling a slightly rising channel; which should give short term bull traders some possible upside potential as RSI tests the 50.0 midpoint.
The 1D chart also offers a level of bullish potential if the 28D MA can act as support. It has been weak for the back half of April – so this is far from a sure thing. The last 2 days have wicked above the descending trend though; so, a nice strong close could add to the bullish sentiment of the 4H chart.
Finally, the 1W chart continues to struggle against the resistance that is being generated around the $200 area; although the 13W MA is reasonably close at $150.
Overall, not the best time to enter a long position; but short term traders should be able to see some opportunity here.
OPEN INTERESTS (BITFINEX)
Long: 3.66 Days
Short: 1.11 Days
RELATIVE STRENGTHS
- Micro (5m): Neutral
- Short Term (4h): Bullish
- Mid Term (1D): Lower High
- Macro (1W): Bullish
ON BALANCE VOLUME
- Mid Term (1D): Falling
- Macro (1W): Flat
KEY PRICE AREAS
Resistance: 180, 190, 195
Support: 164 (28D MA), 160, 155
PREVIOUS ANALYSIS
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.