ETH/BTC (Prj.Y19.P2.E8).Macro.Bullish signs

2019年11月29日

Hi All,

Recently I came to a new understanding on RSI and MA and how one can trade with this indicator.

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I have leveraged others scripts and created my own RIS_EMA\MA indicator, soon to be share out, so watch my space for this.
I believe others have done this but I feel a cleaner job can be done.
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Using Fib Fan and support\resistance lines + trending, I believe there is a clear formation taking place at the macro level.
It wouldn't hurt with the Istanbul release as well.

As you can see on the 4 Hrly chart, there is a regular bullish divergence in place and soon to break out.
This could either mean BTC is about to drop or ETH is about to take off.

Also you can also see based on this hypothesis, ETH on the MACRO level (against BTC) is creating a potentially large bullish Pennant.
Note on the 1 HRLY chart, this correlates to the 0.618 retracement level.

Conditions:
If the RSI on the DAILY passes the 200 sma\ema on the RSI\SMA chart, then the signal is there.
One also requires at least 1 day candle stick to open and close above the 200 RSI\SMA indicator level.
Look at the 4 Hrly and Daily chart, look for a large engulfing candle with a inverted hammer at the key level to get the entry going, ready to buy long (maybe a morning star)

It already looks like a reversal pattern with the Candle sticks is taking place.

Please give a thumbs up or a like if you agree or just appreciate the effort.

Regards,
S.Sari /CryptoProspa

Daily Chart, note how the RSI also supports the pennant formation.


4 HRLY chart


1 HRLY chart





FYI Candlestick detector >

2019年11月30日

註釋

Keeping an eye on this, next level also makes sense at the 0.786 fib retrace

2019年12月1日

註釋

What seems like the bottom of the pennant has bee accomplished.

2019年12月27日

取消訂單

Final result

2019年12月27日

註釋

Next move