Crypto Technicals: ETH/USD extends choppy trade around 55-EMA, decisive breakout above required for further upside
Mon, 13 Jan 2020, 04:41 am UTC
ETH/USD chart - Trading View
Exchange - Coinbase
Technical Analysis: Bias Neutral
GMMA Indicator: Major Trend - Bearish; Minor Trend - Neutral
Overbought/ Oversold Index: Overbought
Support: 138.36 (21-EMA); Resistance: 155.43 (Cloud base)
ETH/USD is extending choppy trade around 55-EMA, bias is neutral.
The pair was trading 2.06% lower on the day at 143.58 at 04:30 GMT, after closing 2.78% higher in the previous session.
The pair is currently holding above 21-EMA support at 135.60. Break below will accentuate weakness.
Major trend as evidenced by the GMMA indicator has been bearish. Long-term moving averages are biased lower.
Short-term moving averages are struggling to extend bullish streak, fail to break above longer-term moving averages.
On the hourly charts, the pair finds strong support around 200H MA (currently at 140.89).
Break below 200H MA and 21-EMA supports with turn in short-term MAs on the GMMA will see downside resumption.
Momentum is bullish, price action has broken into daily cloud, Stochs and RSI converge with price action along with a bullish divergence.
A decisive breakout at 55-EMA will see further gains. Scope then for test of 23.6% Fib at 174.83.
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