Eth is following the elliot waves, Becoming Bullish
ETHUSD
After ETH bull run from April to march, there is a little retracement (A). At the end of this retracement , ETH will continue is rise according to the Elliot waves theory.
In fact when looking closely to the Daily ETH/USD chart, we see that ETH it's following the Elliot waves patterns smoothly for a few months already.
On the other hand, the chart is also testing two strong daily trend lines, were the A and B patterns are already formed.
My advice then is to wait for the (C) pattern to start forming and to go long on ETH/USD.
This is my first post, Hope you enjoy!
E.G: Never forget the market can be unpredictable, remember your stop losses and take profits.
Trade active:
ETH/USD broke the support line and didn't start the C pattern of the Elliot wave. If you followed the instructions, your order would'nt have been triggered.
Now a possible evolution could be the drop of ETH/USD untill the level of the strong weekly support drawn in dark on the shart.
In addition, MACD is crossing downwards which a sell signal.
Nevertheless, RSI is below 30, that usually describes and oversold condition, but with cryptocurrencies, lower values have already been observed. So please pay attention a possible reversal is not to be excluded.
I suggess for those who didn't short after the break of the trend line to be patient and see the market tendance, or to short at a lower value than the market. An example is shown in the chart.
Please never forget your risk management. Cryptocurrencies can be highly volatile
ETH/USD broke the support line and didn't start the C pattern of the Elliot wave. If you followed the instructions, your order would'nt have been triggered.
Now a possible evolution could be the drop of ETH/USD untill the level of the strong weekly support drawn in dark on the shart.
In addition, MACD is crossing downwards which a sell signal.
Nevertheless, RSI is below 30, that usually describes and oversold condition, but with cryptocurrencies, lower values have already been observed. So please pay attention a possible reversal is not to be excluded.
I suggess for those who didn't short after the break of the trend line to be patient and see the market tendance, or to short at a lower value than the market. An example is shown in the chart.
Please never forget your risk management. Cryptocurrencies can be highly volatile