ETH/USD Daily: MACD has been showing a sell signal for some days now and just like the BTC, I have turned bearish on the Ether.
ETH 4h: However I see that on a short term basis on the 4h chart, I can identify a bullish Gartley formation. I am therefore prompted to believe that as long as point X at $598 does not give in, we have good chances to see a bounce up to $746. Those levels, will give everyone who think the market is set to go lower, another chance for an exit. If $598 breaks, then the sellers will have establish their presence and much lowers levels down to $443 are expected in an impulsive manner. Watch the MACD on the 4h chart, while looking for verifications of the Gartley Bullish pattern. #DEFINATELYnotaninvestmentadvice #pleasedoyourownresearch #justmyownview.
Trade closed: target reached
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I am now bearish on both the 4h and the daily chart.