Ethereum (ETHUSD) Testing 61.8% Fib Retrace of 2 Month Upchannel

Tradablepatterns's picture

Ethereum (ETHUSD) Weekly/Daily

Ethereum (ETHUSD) is falling more than 10% today as at the time of writing, after getting rejected Tuesday at the point ETHUSD broke below prior upchannel support (on the daily chart).  Upchannel support breaks tend to be followed by at least one attempt to break higher back into the upchannel, which offer a high probability short setup as these reclaims of prior upchannel support are often fleeting as seen with Tuesday's rejection.  Further downside may be limited today though as the steeply downsloping daily RSI and Stochastics are deeply oversold, and may soon find a bounce.  ETHUSD is also testing the 61.8% Fib retrace of the 2 month long upchannel, suggesting potential near-term support in the next day or so.  Any bounce off the 61.8% Fib will be increasingly regarded as a dead cat bounce, likely not lasting more than several days into mid next week given the longer term bearish implication of the weekly RSI and Stochastics turning lower from overbought levels, and the weekly MACD negatively crossing.

ETHUSD (Ethereum) Weekly Technical Analysis

 

ETHUSD (Ethereum) Daily Technical Analysis

 

Bitcoin (BTCUSD) Weekly/Daily

Bitcoin (BTCUSD) is falling over 8% today as at the time of writing, after getting rejected Tuesday near the point BTCUSD broke below prior upchannel support (on the daily chart).  Upchannel support breaks (on daily charts) tend to be followed by at least one attempt over a span of days to break higher back into the upchannel.  These bounces tend to offer a high probability short setup as these reclaims of prior upchannel support are often fleeting as seen with Tuesday's rejection.  Given the steeply downsloping daily RSI, Stochastics and MACD, there is still more downside pressure today, although with BTCUSD testing the 50% Fib retrace of the 2 month long upchannel, near-term support at this 50% Fib should not be ruled out for today or tomorrow.  Any bounce off the 50% Fib will be increasingly regarded as a dead cat bounce, and will likely be shortlived (not lasting more than several days into mid next week) given the longer term bearish implication of the fatigued weekly RSI and Stochastics turning lower from overbought levels, and weekly MACD poised to negatively cross.

 

BTCUSD (Bitcoin) Weekly Technical Analysis

 

BTCUSD (Bitcoin) Daily Technical Analysis

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ItsAllBollocks's picture

OMG. Bitcoin has crashed so much my coins are down to only 8 times what I paid for them. Poor me...

Iconoclast421's picture

I wish it would crash just so I can buy a frickin video card. This is absurd. The card I own is 5 years old and it would probably cost more today than it did when I bought it. Ok so I would buy a card if I really needed to, but since LoL doesnt need a new card I dont buy one. I still would like to get a new card though.

Lego Brave's picture

No one cares. Next article.

aloha_snakbar's picture

Technical retrace... or people coming to their senses like a patient coming out of a three year long coma? Time will tell...

Gen. Ripper's picture

It'll all work once Musk buys at basement

Sabibaby's picture

Winter is here John Snow.

Okienomics's picture

I'd like to see the technical analysis on tulip bulbs, please.

Panafrican Funktron Robot's picture

"I'd like to see the technical analysis on tulip bulbs, please."

I know, right?  Because Ethereum is way less trustworthy than government issued fiat. 

Wayseer's picture

Clever, first time I've heard this.