Daily
We saw an impressive candle yesterday in conjunction with that of Bitcoin. This propelled us above the Tenkan (green line on graph) which is converging with the Kijun (red line on graph). Convergence of these two may prove bullish in the shorter term, but any bullish tendencies in this bear market is welcomed. Next goal would be to break the Kijun at around $515 USD, where a retest of the Kijun as support would be ideal. If the Kijun can be cleared, all sights must be set on breaking into the Kumo Cloud. For the daily chart, I have the Ichimoku settings adjusted to crypto settings (10, 30, 60, 30) and doubled (20, 60, 120, 30) for noise filtering. I discovered this method from @CarpeNoctom and I believe it is a useful tool for trend identification.
Both Stoch RSI and RSI are in fair positions for further bullish movements. The yellow box indicates a "worst case scenario" safety net zone where a previous support (dashed green line) has been seen.
4-Hour
You'll notice right off the bat the cause of the wonderful green daily candle we saw above. We see a strong green candle created yesterday that catapulted us into and out of the Kumo cloud but eventually closed within the cloud. There were a few additional breakage attempted in the subsequent candles until we finally saw a breakout. You may also notice the overbought Stoch RSI, but this is still okay for now as Stoch RSI can remain overbought for long periods of time, you need only look at last week on this graph to see Stoch was overbought for almost 20 candles. That's 80 hours! The key here is watching RSI, which has plenty of room to continue a bullish run. It is important that we remain above the Kumo, and form a Tenkan-Kijun (TK) cross. This will indicated a strong short-term bull trend.
-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/2018/07/25/eth-usd-update-7-24-18/