ETH has been a big bouncer here and having printed large bullish candles, looks like it will get to the 0.618 at 3K and perhaps will tag distribution resistance.
Once BTC is done floundering I think ETH will be heading down again, so could be a good short from resistance area..
Good chance ETH is in a B wave of an ABC to take ETH lower.
Not advice
Once BTC is done floundering I think ETH will be heading down again, so could be a good short from resistance area..
Good chance ETH is in a B wave of an ABC to take ETH lower.
Not advice
Comment:
Although impulsive this leg up looks corrective to me. It reminds me of Silver chart somewhat. A lot of sideways nothing then a sudden bounce.
Comment:
This is not a call to go LONG btw - just to guess the direction. It could break down here at 0.5 also.
Comment:
Notice how ETH is hanging around 0.618 and resistance. For as long as it stays here it is bearish for crypto. There is 1 more resistance target that it could reach however
Comment:
BTC bolted at the US market close, but ETH is still shy of the upper median line red. It could go higher but right here we're seeing weakness in trend. Watch to see if price can maintain the upper median line or if price drifts out of the pitchfork .
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