ETH / BTC technical analysis[BINANCE]

ETH / BTC technical analysis[BINANCE]

By MrBullishSail | TA crypto market | 22 May 2019


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ETH seen from the temporality of 1D we can observe how after the downtrend there has been a pattern of bullish candles (three white soldiers), managing to close above the resistance of trend in 1D and then perform a throwback to that point that has tested once to catch a brief impulse that has not been strong enough to say it will continue rising, in fact we can see that the recent candles seem to be found offer in the area of 32616, as we can see in the graph above the nearest support is located at 31419, if it falls below that support we will see a sharp fall towards 28585 or lower towards the area marked within the gray rectangle. If you keep going up I have indicated in the chart the first take profit located at 37475 and the second take profit located at 43567.

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ETH seen from the temporality of 4H we can observe more closely how strength has been lost in the bullish movement and the candles begin to fall, I have pointed out the two possible trajectories of the price depending on the scenario that occurs, as long as the price remains below the ITZ point indicated in the chart above, there is more chance that the price will fall.

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ETH seen from the temporality of 1W we can see how the important diagonal that has come from the beginning of the range is currently preventing the price from continuing to advance in its upward movement, the previous candle failed to close above has left an important signal wick of the supply that was generated in that area, unlike the previous time that the pullback was made and managed to close above the diagonal, this time is showing with this pullback a strong signal of retracement in the price, if we do not manage to close from above it is very possible that we see the price fall to the area of the grey rectangle, where it should find the demand positioned, if so we would have a next attempt to sell the diagonal, if we do not get it again, the price would fall towards the points marked in the chart above, I have indicated with arrows the possible trajectory of the price to generate such a scenario.

In conclusion, the bullish movement has been strongly weakened by not being able to close above the diagonal, this signal of sale is very possible that produces a retrocession in the price, therefore, we should pay attention again to the zone of demand of the gray rectangle, in case the price in 4H managed to break the point ITZ we could have a test of the high range.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

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MrBullishSail
MrBullishSail

Technical Market Analyst Crypto trader Website: https://www.buymeacoffee.com/XCdmEAZnD Twitter: https://twitter.com/armijogarcia


TA crypto market
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