Weekly
With this week coming to a close, we see an entrance into the Kumo cloud for the first time. There was an attempt of a bounce off the bottom of the cloud, but a strong rejection from a Kumo breakout. It should be noted that both Tenkan and Kijun are continuing to diverge which may indicate further bearish behavior, especially if the cloud support is lost. Luckily, there is a strong horizontal support at around $375 which may be the safety net we need. Should this occur, We will need to look back at the bottom of the Kumo for an area of resistance.
Additionally, Stoch RSI is within the oversold region which may indicate a shift in trend soon. RSI has generally remained stagnant over the past several weeks.
Daily
Zooming in, we can see Ethereum has been under the daily Kumo for a few weeks, but just recently experienced a TK cross with a converging Kumo lines. Key resistance may be seen at the bottom of the cloud as a break may be attempted in the coming days/week. The daily candle retested the downtrend line as a support instead of resistance where a higher low was established in the Weekly chart.
RSI is maintaining a slow uptrend with Stoch RSI making higher lows which may prove bullish.
4-Hourly
Zooming in further, we see a general uptrend for the month of July so far. A continuation of higher lows would hint at a bullish reversal in the short term. Should this uptrend fail, look to the horizontal support around the $375 mark.
-Disclaimer-
This post is merely my own personal analysis and should not be taken as financial advice. I am not a licensed financial advisor. Always do your own research before making any investment decisions. Stay safe out there.
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Posted from my blog with SteemPress : http://coinsholar.vornix.blog/2018/07/22/ethereum-usd-update-7-22-18/
Thank you! That means alot as a new writer!