2021/12/06 11:11 AM – ETHUSD – D1 -WATCH THE CLOUDS TOO !!!

ETHUSD- D1 – WATCH THE CLOUDS TOO !!! by Ironman8848 on TradingView.com

WEEKLY :

Still in its ongoing uptrend channel , last weekly closing above the Tenkan-Sen. Ongoing weekly candle is going down…

Watch Mid Bollinger Band and bottom line of the uptrend channel as the first significant support level as a weekly closing below 3’700 would open the door for lower levels towards the Kijun-Sen, currently @ 3’285

DAILY :

Currently in a broad sideways slightly down channel (in orange on the chart) and in the middle of the daily clouds support area .

Watch carefully price action of the Lagging Line which is currently below the Kijun-Sen…

First significant support is @ 3’761 (50 % Fib ret) and also roughly the bottom of the daily clouds support zone and below the next support is @ 3’498 which is the 61.8% Fib Ret.

Interesting to look at the RSI price action, currently below the 50 level, @ 42.37

H4 :

Below the clouds and below Mid Bollinger Band , Kijun-Sen and Tenkan-Sen… looks like ready for at least a retest of former low @ 3’753 where a potential bullish divergence ( double bottom could take place !)

Watch carefully price action during the ongoing and next H4 period to get clues.

RSI below 50 too @ 36.81

H1 :

Below the clouds and below all three main indicators… for the time being, any recovery should still be seen as a corrective move in a broad bear trend (see daily chart )

The ETHUSD should quickly recover at least above 4’200/4’250 on this H1 time frame in order to temporary neutralise the ongoing downside risk.

All the best and take care

Ironman8848

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