ETH Hidden Bearsish Divergence tops a continuation triangle

Title basically says it all. We are in a triangle, price action is narrowing and day and swing traders need to decide where their biases are so they can let their winners run if they are right and cut their losses quickly if they are wrong. We have higher highs on the RSI and lower highs on the price action on the 45m time frame. The hidden divergence broke partway though on the MACD, shown by the blue upswing to the red downswing.

The RSI on the 30m seems to be controlling these short term swings, with bulls being unable to reach overbought. conditions We have about 13 hours as of this post before this pattern should break one way or the other.

Kommentera:

I think we just saw the needle pop leading to a sell off (bulls exhausted) f but the battle is clearly underway.

Kommentera:

Bulls made an attempt to break this upward and I am not terribly convinced it will take off. In other words, I think we are seeing a fake break out and we will see this break downward from here as there were not enough buy orders at the end of this pattern for bulls to get the price moving. But the chance this breaks either way now is closer to 50/50, when before, with the bearish divergence it was 80/20-ish break down.

We see that the RSI was a hair shy of getting overbought on the 2h chart and so I expect we will be giving at least if not all and more of this small pump back, as we did on the last two pumps. One time price stabilized and went up again, and the second time we spilled over.

Trade stängt: Stopp nått:

I got stopped out at 450 and had to eat some losses here. Trend should at least hit the red resistance line over the next several days and if we do stall I think will break through.

TIme to put on my bull costume for at least a week.