Today has thrown an interesting spanner in the works. Here are two scenarios:
Bearish - MACD and RSI suggest downward momentum. You could also make the argument that this final upward momentum is what Wyckoff refers to as Upward Thrust After Distribution (i've been reading!).
Up until today I have been bearish. However this bounce forces us to at least consider the other possibility.
Bullish - If you look over at circles I've highlighted it shows where there was indecision previously on an uptrend. It was so indecisive the MACD crossed down as it has here as well. However it found support at the same historical S/R level. A bullish scenario here would be that ETH continues it's dominant run.
From FA point of view, if I had my tinhat on an ETH bull run leading into a CME futures option wouldn't be unheard of.
Bearish - MACD and RSI suggest downward momentum. You could also make the argument that this final upward momentum is what Wyckoff refers to as Upward Thrust After Distribution (i've been reading!).
Up until today I have been bearish. However this bounce forces us to at least consider the other possibility.
Bullish - If you look over at circles I've highlighted it shows where there was indecision previously on an uptrend. It was so indecisive the MACD crossed down as it has here as well. However it found support at the same historical S/R level. A bullish scenario here would be that ETH continues it's dominant run.
From FA point of view, if I had my tinhat on an ETH bull run leading into a CME futures option wouldn't be unheard of.
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We have a MACD cross on the 6H. If/when this confirms on the daily, I'm going long.
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No entry signal yet. Waiting.