$ETH Half an hour—don’t just watch the commotion; see what it’s trying to hold back.
After it was pulled from 1900 all the way to 2545, these past few days have been digesting back and forth in the 2430–2530 range. Today it’s even narrower: 2436–2472 grinding back and forth. For half an hour, the RSI isn’t overbought or oversold, and the MACD is gasping right along the zero line. On the daily chart, RSI is still at 76, so the bigger picture isn’t broken, but on the short term, anyone who chases gets hit.
My own way of drawing the lines is simple: if it can’t get above 2472, it’s still the top boundary of the box; if 2436 can’t be held, the next stop is 2415, and if we’re a bit harsher, push it down to 2396.
Right now isn’t a “follow the direction” situation—it’s a “boundary” situation. If it breaks out, then follow; if it doesn’t, assume it’s still just shaking out.
#ETH
After it was pulled from 1900 all the way to 2545, these past few days have been digesting back and forth in the 2430–2530 range. Today it’s even narrower: 2436–2472 grinding back and forth. For half an hour, the RSI isn’t overbought or oversold, and the MACD is gasping right along the zero line. On the daily chart, RSI is still at 76, so the bigger picture isn’t broken, but on the short term, anyone who chases gets hit.
My own way of drawing the lines is simple: if it can’t get above 2472, it’s still the top boundary of the box; if 2436 can’t be held, the next stop is 2415, and if we’re a bit harsher, push it down to 2396.
Right now isn’t a “follow the direction” situation—it’s a “boundary” situation. If it breaks out, then follow; if it doesn’t, assume it’s still just shaking out.
#ETH