THE NAIVE TRADER

All my own opinions and probability will be wrong, but thought I would have a little look at the Eth/USD market. I see potential gains here, volume gaining positive momentum after the sell off and now with resistance found I feel this area could now be a little slower as more buy positions will have to be met to gain further. Also the rebounding RSI only further illustrates this idea and I think there is a buy zone, maybe even before the next resistance level. Peace. TradingView, 2019

So back again, looking at the ethereum market against the dollar. I believe there is a short position which is looking juicy. This looks realistic because of numerous reasons. Number 1 - the gains have been substantial, breaking through the 147 range easily and gaining momentum and we see the first signs of a slight cool off within this bullish progress. Number 2 - RSI indicating a a return from the overbought position, bouncing and returning from the 96 area to a downward potential movement. Number 3 - The volume is declining and looking negative, highlighting people may be taking profit here and selling off as the market looks for a resistance zone which hasn't been found for some time. Number 4 - The market is hitting the top of the Bollinger Bands on the 4 hourly position illustrates the potential for a cool off as highlighted in the other indicators and market sentiment. I am looking for an entry in this range, opening at 160-163 and shorting to hopefully either...

Looking at the market on a 4 hourly time frame there is potential for the current resistance to be broken. The green of the Ichimoku cloud illustrates the bullishness of the market on this time frame. Furthermore, when using the stoch RSI its clear the market is returning from the oversold position. These indicators offer support for a potential for a long entry if the 110.637 position is broken soon, which could be likely as the market hovers around the resistance more sell positions are bought up and thus can allow with sufficient volume for a potential clean break to a position we haven't seen broken this year, around and above the 111.109 price. TradingView, 2019.