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Ethereum H4(4 Hours) Chart Analysis – Heikin Ashi Candles, Lower Lows, Stochastic Oscillator, Two Strong Resistance Zones
On the H4 chart, based on the Heikin Ashi candles we can see that, we have strong bearish bodies in downward-moving market conditions so it basically reflects a bearish environment. In addition to this, the price has also created lower lows based on the MACD indicator, which is another sign of gaining momentum toward the bearish side. Also, based on the Stochastic Oscillator we could see that the price has reached its extreme which we may consider as another evidence of bearish pressure. In addition to this, we had two strong support zones that has formed and the price which is moving lower has broken below these zones and is holding below them, we may consider this as yet another evidence of bearish pressure. Currently, these strong support zones are acting as strong resistance zones for us. Until these two strong resistance zones (marked in red) shown in the image below hold my view remains bearish here and I expect the price to move lower further.
Trading Tips
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short-term sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
Also, don’t forget to protect your sell trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Arvinth Akash
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