Ethereum shows a bearish divergence and is forced to move back to $ 1150 in an attempt to break above $ 1300. But further gains can be expected for Ether. Tron has seen constant demand from buyers. Which will probably help boost the rally further. The Basic Attention Token also looked poised for a break above $ 0.27.
Ethereum [ETH]
Source: ETH / USD on TradingView
Using the Fibonacci retracement tool for ETH’s move from a swing low at $ 551 to a swing high at $ 1291, some important retracement levels are highlighted.
Since crossing over $ 800, ETH bulls have been in absolute control. They set aside a few trading sessions whose volatility has seen prices drop by 10% or more. The $ 1,200 run is relatively smooth. High trading volume indicated market conviction.
We see a bearish divergence between the price and momentum which saw the price fall to the support level of $ 1150. The short-term decline seems to have been halted and the divergence has played out.
Tron [TRX]
Source: TRX / USDT on TradingView
The Gann fan lines of the $ 0.0237 TRX swing low represent potential support and resistance lines. We can see that the 1: 1 line did act as a resistance. It pulled TRX back as low as $ 0.028 before moving above $ 0.03 again.
The OBV shows that the buying volume was on the side of the bulls. It was showing a series of higher lows. This indicates that buying pressure continued to drive the rally.
The 1: 1 stress test formed a hanging candlestick pattern and a V pattern. If $ 0.03 returns to support in the next few hours, another move beyond $ 0.032 is likely for TRX.
Basic attention [BAT]
Source: BAT / USD on TradingView
Bollinger bands opened wide after BAT’s rapid rise from $ 0.2 in early December to test resistance at $ 0.27. The price plunged and closed a trading session at $ 0.25, forming a lower high.
The impressive oscillator shows that the bullish momentum was still present behind BAT. The stochastic RSI was in the oversold region.
Despite the pullback, BAT prices continued to stay above the 20 SMA. This confirms the strong short-term uptrend.
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