Ethereum show bearish divergence in H4 timeframe; Daily chart
Ethereum was into this descendent triangle and then, was broke down in the past hours and right now it's make a pull back to then, continue the drop toward these 2 levels: $520 USD and $490 USD as point to take profit.
Now, very important it's to understand the key price action in Daily chart. Because the past candlestick was complete bearish and that show an indication that bulls are weakness and bears are here defending the $600 USD as resistance strongest in 3 occasions.
In this screenshoot are the anatomy of the chart and we see that Ethereum it's into the higher zone. So, a good point it's that Etherum could reach down to the key support trend line from May 2020.
And finally, we are into the correction #4 in the elliot wave analysis and it's so nice!!!
So, in summary we see bearish divergence in H4 and Daily using the RSI and MACD, and also the price action strategy!!!
So guys, at the moment I entry in short position around of $593 USD with a SL at $613 USD and then, my targets will be $520 USD and $490 USD
Now, very important it's to understand the key price action in Daily chart. Because the past candlestick was complete bearish and that show an indication that bulls are weakness and bears are here defending the $600 USD as resistance strongest in 3 occasions.
In this screenshoot are the anatomy of the chart and we see that Ethereum it's into the higher zone. So, a good point it's that Etherum could reach down to the key support trend line from May 2020.
And finally, we are into the correction #4 in the elliot wave analysis and it's so nice!!!
So, in summary we see bearish divergence in H4 and Daily using the RSI and MACD, and also the price action strategy!!!
So guys, at the moment I entry in short position around of $593 USD with a SL at $613 USD and then, my targets will be $520 USD and $490 USD
Trade closed manually:
Hello, I update my technical analysis today of Ethereum, please closed up your position in short!!!