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drgorogbalazs

ADXETH Bittrex 13Sep2017 – in channel – close to support

Long
drgorogbalazs Updated   
BITTREX:ADXETH   None
Chart Patterns Wave Analysis ADXETH Descending Channel support
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chartpattern waveanalysis adxeth descendingchannel support
ADX looks to be moving in a channel against ETH and is closing to support level of 0.786 fibonacci of uptrend – 0.00194 level. We may hit a double-bottom there or price may break down. There may be looking for potential RSI divergence, MACD to confirm price reversal and context with Ichimoku cloud as well to indicate potential trend change – we may have buying opportunity then. If price breaks down next support is at 0.00044-0.00060 zone.
Comment:
Price broke channel - watch out for a false break-out. I still consider we are not yet at the point of trend reversal. ETH market is still looking to have a bearish momentum and it may have an impact on further ADX movement. The shooting star candle now above the upper channel line is also suspicious. Price has not yet step in the cloud. Still waiting.
Comment:
Closing back to channel. Still waiting for signs of bullish reversal.
Comment:
I hope you could get on the train. The current pattern looks as a pennant and just broke out so further upward movement may be possible. Though a double-top may signal bearish reversal.
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