PoopTrader
Short

Ether Price Correction

BITFINEX:ETHBTC   Ethereum / Bitcoin
Hi friends! Welcome to Ether Chart Analysis.

We've seen a very bullish ether for the past 3 weeks recovering 60% of its value from its 2018 low but we all know everything that goes up, will definitely go down. Personally I feel very bullish on ether for upcoming developments we all are anticipating but it needs to undergo price correction before resuming the current trend.

This had been confirmed by various signals, like a failure swing high we have seen from 1D and 4H charts. Very obvious is the pattern it has recently formed which is a rising wedge that we all know would break down at some point. Recently it has reached the apex of this wedge which resulted to the initial downward move. We are expecting the wedge support to break sooner and will likely push ether down.

A black line is also visible in the chart which is a trendline that will likely act as a support but my bias thinks it could bounce from here but will eventually fail as a support.

Downside targets are on fib levels with confluence to horizontal support lines. I will be expecting a bounce on one of these fib levels. I will be updating the chart as price action approaches at these levels. In my opinion, the most likely bounce area is the .786 fib level.

Share you thoughts with me in the comment section. Thanks

This is just a guide, not a trading advise.

Hit like and follow for more chart updates!

Thanks

-Your Poop Trader
Comment: Almost there.

Trade active:
Trade closed: target reached
Trendline broken. It will be retested as a resistance this time.
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