Today on the hourly chart, you can clearly see a region of consolidation, no bulls are there to continue to drive price action up, and on the daily chart we have clear bearish intent based on price action and candle formation. Retracement is coming, i assume will form a higher low, and bounce off the bottom support line of the ichimoku cloud, making way for a higher high. Looks like a wave pattern, we have completed wave 1 and are about to hit the wave 2 retracement.. if we get the bounce off the bottom of the ich cloud, buy up some shares and ride that wave 3 to the top.. supposedly wave three is the longest most profitable wave in wave analysis. I think overall bullish still, but more bearish intent as of now and we will see a retracement shortly.
Comment:
As i predicted in this chart.. eth is bouncing around in the cloud in the neutral zone.. consolidating itself, finding support and resistance at the bottom and top regions of the cloud. take profits at around 335, wait till we break the cloud on the upside to go long.