Currently there is a bearish engulfing candle on the daily ETH chart. This In addition to the decrease in volume and the upcoming cross in the stochastic RSI; makes It is very likely that ETH will trend down to retest the 0.618 Fib level
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*This information is not trading advice and is to be used for educational purposes only!
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Over the last couple of months it has been seen that ETH is clearly following in the steps of BTC. Making it a great hedge against BTC to short.
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There is still a bit of bullish momentum on the 2 hr, but the over all trend is still bearish as can be seen in the 4 hr and daily charts. We can expect that our target will be reached at any time.
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A couple of days late but. Unfortunately ETH had a move upward and not toward the 0.618 level. However, ETH has reversed and is now testing the support zone (shown as dotted line) if this line is broken we my still retest the 0.618 level in the neat future.
We're looking for the retest as well. Lower high and lower low formation on the 4hr with strong resistance is prime for another push down. Great TA guys!
kryptokens
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@TradeIndicators, Thank you! love watching/ reading your TA. Great TA!
TradeIndicators
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@kryptokens, Thanks man I really appreciate that, likewise :)