Using the Fibonacci Retracement Tool and its 27 percent expansion pace, a short-term target of $260 was set for the bulls. Momentum was very much in favor of the bulls.
However, the Stochastic RSI was in over-purchased land, while the RSI, too, was on the verge of reaching 70. This does not suggest a turnaround but rather indicates that a pullback will materialize. A Doji candlestick on high trading activity will provide an early hint that investor mood is starting to change in the short term.
ALGO soared above the liquidity pocket of $0.54-$0.56, a sign of buoyant power. The MACD displayed a strong bullish momentum, although the rate of trade was still above average.
The next degree of resistance is $0.63. Bulls will aim to protect the highlighted area from a bearish attack, failing which the amount of support is $0.5.
ALGO established local highs at $0.6 a week ago but was unable to remain there. Repeating the scenario would see a double top form for ALGO – subsequent fall below $0.54 could be hard to rebound from the bulls.
ETH closed under the ascending channel, but this reverse sequence did not see the coin revisit the base of the channel. Rather, it hit a low of $1,039 and has rebounded significantly over the past few days.
The OBV has made a sequence of higher lows to denote good buyer interest even though ETH’s dip has been about 25 percent over the course of three days. The Amazing Oscillator formed a bullish twin peak set up to produce a buying signal.
ETH has risen beyond the $1220-$1270 range that has given liquidity in the past. This climb will see that the price was another attempt at the $1440 local highs.
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