Ethereum found resistance at a key Fibonacci resistance and currently trading at the DPOC of the range.
Structure is very bearish and further decline is to be expected. There is a chance of 5th wave truncation since there is a deep pullback on the 4th.
Structure is very bearish and further decline is to be expected. There is a chance of 5th wave truncation since there is a deep pullback on the 4th.
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This was shared on twitter yesterday, in case you missed it.
Comment:
On the smaller tfs, it looks like its going for a leading diagonal, or an even more bearish 1-2, 1-2. If its a leading diag it should bounce on this range support very soon (~210).
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This straight up line is clearly impulsive, which doesn't fit with the lower degree count. Needs some time to resolve so we have a better picture. It could be a weird ABC leading diag or a more complex 2/B wave like on the left side of the chart.
Still failing to close above the 0.618-.65 zone and there is also more reasons to short a little higher at .786, -1 target and bearish block EQ.
Still failing to close above the 0.618-.65 zone and there is also more reasons to short a little higher at .786, -1 target and bearish block EQ.
Order cancelled:
Will post a new idea once this resolves and has more info. There is a bullish case here and i don't wanna tunnel-vision you to the short side.
