ETH will go into a very strong resistance zone (3030-3330) in a week or so.
By that time, dma50 & all the long term moving averages are converging here.
The top side of the bigger falling wedge is also in this zone.
Making it worse, it will also bump into the Ichimuko cloud in this area which
Increases the probability of rejection & a continuation down(bulltrap?).
There are only 2 strong supports below:
The Weekly WMA100 at the 2200 zone & the WMA150 at the 1800 zone.
Reaching 1800 will be the worst case scenario as the probability of a double bottom
Reversal at 1800 strong support is very high.
As of now, there are only 3 corrective waves from 4951 top to 2200 low.
SOME GOOD NEWS: Going above 3330 increases the chance that 2200 is already the bottom.
If ETH will be rejected by the 3300 zone, a 5 wave scenario will be on the table
Not trading advice
By that time, dma50 & all the long term moving averages are converging here.
The top side of the bigger falling wedge is also in this zone.
Making it worse, it will also bump into the Ichimuko cloud in this area which
Increases the probability of rejection & a continuation down(bulltrap?).
There are only 2 strong supports below:
The Weekly WMA100 at the 2200 zone & the WMA150 at the 1800 zone.
Reaching 1800 will be the worst case scenario as the probability of a double bottom
Reversal at 1800 strong support is very high.
As of now, there are only 3 corrective waves from 4951 top to 2200 low.
SOME GOOD NEWS: Going above 3330 increases the chance that 2200 is already the bottom.
If ETH will be rejected by the 3300 zone, a 5 wave scenario will be on the table
Not trading advice