ETH/USD - Entered The Buy Target ZonesteemCreated with Sketch.

in #steempress • 6 years ago

Daily



"Knock knock" the Bears said with menacing grins.

"We've come for your stop losses."

And so they claimed their prizes. Yikes. We broke under the technical and psychological support of $400 USD thanks to news of the ETF delay and have entered into the accumulation/consolidation zone. I will be looking for a position here, but may wait for a lower drop to maybe even a touch of $360 USD. RSI is still not in oversold conditions yet, so I'm sitting on my hands for now. This may change if this daily candle closes as a bullish hammer which can signal a reversal. A reversal can happen at any time in this box, but I'd be more satisfied with an entry near the bottom of it.

Should we lose this box, we will be in panic mode as we will have set a new lower low for the first time since early April. The next support to test would be around $340 USD. However, as RSI would be oversold along with Stoch, I do not see that to be likely. I would like us to trade sideways here for several days.

4 Hour



Here we can see the breakdown of the last several hours. I believe the sudden downturn to be thanks in part to the FUD with the ETF delay, but also due to a number of stop losses under the $400 USD price. There was substantial volume during the break under the $390's which may be evidence of this claim.

Nevertheless, we are in my buy zone but I am waiting for a tad more blood. RSI is oversold, but Stoch has yet to fully cross into this zone. Keeping my eyes open. Stay safe out there, folks.

 



Posted from my blog with SteemPress : http://coinsholar.vornix.blog/2018/08/08/eth-usd-entered-the-buy-target-zone/

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6 years ago in #steempress by
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