YoJah

ETH Continuation Then Drop

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Looks like we broke down from the symmetrical triangle channel, and now in a descending triangle which is still a bearish indicator. On the 4 hour we also have a bear flag so most likely down soon, but probably not before it bounces from 360 one more time.

There is also still a chance there could be a double bottom and then a reversal. So watch out for a possible, but highly unlikely breakout to 390-400... If we continue to the apex of the triangle (but doesn't necessarily needs to, just needs to be 2/3 close to apex before drop) should expect another drop and potentially bottom for ETH..maybe.

Apparently ETH is still trying to find bottom, although from my prior EW analysis I predicted we are on wave C, we still haven't really hit the low 300's so definitely take care to wait until we are actually in a confirmed uptrend before deciding to go long since there is no telling how low we can really go despite all of the TA. Currently shorting in the current market can be much more lucrative than going long when in a major downtrend unless you try and trade long and short within the range on consolidation periods, but thats just me speaking as a day/swing trader. Those who are investors should obviously wait until we hit the bottom, and have a confirmed reversal before doing anything.


Again, any questions, comments, concerns, or short speeches, please comment!! AND LIKE ME!!! Doooo it! :D :D
Comment: Looks like we made a slow move past the channel in red, would be interesting if we see it go to to 420 and if there is some selling action there.
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