ETHUSD 4H UPDATE - 21/06/2018
From 358.40 low, ETHUSD posted a clear motive 5 waves to 832.37 high. Since then, market has been correcting. Equal leg for green cycle was projecting 548.82-502.99 with possible extension to 428.82 and initial call of correction ending at 506.30 has been denied but the view remained unchanged. With new low at 449.65 with RSI divergence in lower degree, the correction appeared as a regular FLAT and correction is now called ended at 449.65 (still within the buy zone).
From there and as long as above 358.40, we should see a challenge of 832.37. Failing to take out this level would put pressure again on the price and delay the resumption of the uptrend.
I don't like to sell or buy at current levels and would look how the structure to develop before engaging longs again.
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
Will resume posting daily update next week
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
From 358.40 low, ETHUSD posted a clear motive 5 waves to 832.37 high. Since then, market has been correcting. Equal leg for green cycle was projecting 548.82-502.99 with possible extension to 428.82 and initial call of correction ending at 506.30 has been denied but the view remained unchanged. With new low at 449.65 with RSI divergence in lower degree, the correction appeared as a regular FLAT and correction is now called ended at 449.65 (still within the buy zone).
From there and as long as above 358.40, we should see a challenge of 832.37. Failing to take out this level would put pressure again on the price and delay the resumption of the uptrend.
I don't like to sell or buy at current levels and would look how the structure to develop before engaging longs again.
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
Will resume posting daily update next week
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
Comment:
It is an ugly structure, yes, but we are still above 358.40 (while BTCUSD failed to hold 5,920.76). So, someone is cheating here... Who is leading?
