ETH/BTC Technical Analysis
28-JUNE-17
PRICE
Below Moving Averages (EMA10/MA20): In Bearish State
MOVING AVERAGES
EMA10/MA20: In Bearish Orientation
MACD
MACD & Signal Lines: In Bullish Region but in Bearish Orientation
FIBONNACI RETRACEMENT
The 23.6% Retracement Level was respected twice.
CANDLESTICKS
The last 2 candles (a hammer followed by a green candle) indicate a good reversal.
CONCLUSION
It will experience resistance up to 61.8% Retracement Level. Once a breakout is triggered, you'll see a slow rally from 0.1311 up to 0.1411 (next resistance). A slow rally is due to Price bearish condition, bearish orientation of moving averages and MACD/Signal lines.
A golden crossover of EMA10/MA20 will power up the rally up to 0.15 (strong resistance).
POLONIEX
nice post. good news : )
p.s. follow me back )))))
sure. i follow who follows me.
cool insights @encry, very interesting :)
keep great presenting cool news about cryptos and tech analysis ! followed you :)
cheers
Francesco
thanks.. my account is auto following who follows me.
that s awesome @encry! How you are doing it? that s a cool trick :)
Great analysis. Could you provide a little bit on why you use the SMA 20 and the EMA 10 as key references instead of another EMA for the slightly longer term average?
SMA20 & EMA10 are commonly used and followed by traders.
Well, as I've observed the next reference would be EMA 30 followed by EMA50 and SMA50.
Volatility in cryptocurrencies is high so I prefer 50 (with tolerance of 5%) as the maximum period.
Thanks for the prompt answer. And very true regarding volatility. I had been using larger time frames initially until I realized they were practically useless. Do you look at RSI levels as well as part of your trading strategy ?
Normally I used RSI with stock trading.
In Polo, RSI not available, so MACD is enough.
By the way, when I'm scalping crypto. I used Candlesticks: 5-min 15-min and
Zoom: 6h 24h 2d
On Bitfinex and GDAX I've found RSI has been great for identifying oversold bounces in conjunction with 5 min candle sticks. Works like a charm majority of the time. Though I'm not nearly as dextrous as I should be buying in and selling out. Fat thumbs :-P
but you cannot use RSI (Bitfinex) if you are trading in Polo. Bitfinex is using tradingview charting tool. It's my fav one.