Ethereum on the hunt
Vasl Capital
ETHUSD·
Apr 28 2022
Stop Loss -9.99%
Holding time 8d0hr
2922.15
Entry price
2630.36
Stop loss price
We will be looking at the H4 timeframe for the analysis. This analysis is a short term buy analysis along with the daily analysis we had previously shared.
ETH broke the major support at the 3000 price level and now is breaking back in, which apparently it seems like given the current price action. This happening, may close the H4 prices above the support turn resistance level and this is where, we will have our long position. Also, along with the mere long factor, this potential fakeout is considered as a stop loss hunt. Market has started to form higher highs and higher lows, which indicates a bullish structure and momentum forming. That being said, we will continue looking to buy ETH at given support levels. This support level is a crucial one and we will be closely monitoring it for a break downwards.
There is a 61.8% level retracement which is a confluence with the support level. ETH tapped the retracement level and bounced up, validating the price action of the level.
The descending trendline has been broken out for buys. These buys are validated equally by the price action of the candles, by opening and closing above. Any lower time frame breakout buy of the trendline will be a bullish catalyst for the market.
Both the EMA's are bearish in this setup, with a bullish death cross. After the breakout sell, the market was unable to retest either of the EMA. Given the current scenario, it seems unlikely that the market would sustain the bearish pressure from the retest of either of the EMA's. Therefore, we anticipate the breakout buys of the EMA's.
We need a neautrality on the oscillators. RSI is at 45 and CCI is at -50. We need to have a neautral level at the support level in order for us to go long. Both the oscillators are being support by the trendline, unable to break down. It is also supported by the trendline to push up. Once the neutral levels have been breached, we are clean to the move upwards.
CONCLUSION: BULLISH