FilipeMiguel
Short

ETH update - Bottom may still not there!

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
At medium/long term don't see any reason to buy. This uptrend seems a short counter trend retreacement and after this I expect again new lows.
Exactly my thoughts. Bottom at around 150 USD would make triple daily RSI divergence.
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just hit 225, do you think it can come back to $180? atleast? thanks in advance
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WealthHustler WealthHustler
@WealthHustler, because I sold at 180 for arbitrage, and this madness just shooted up side right after it
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biffbifford WealthHustler
@WealthHustler, The shorts got caught and are covering. Once the covering is over it will fall again. The trend is still bearish, nonetheless, we could go as high as 267 before ETH runs out of gas. Look how bearish the RSI indicator is. I think ETH was oversold and needed a bounce before the next leg down to continue confirming the bearish trend. Good luck.
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WealthHustler biffbifford
@biffbifford, thanks friend for your advice & analysis, I appreciate it a ton :)
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FilipeMiguel biffbifford
@biffbifford, I agree but wave iv can't overlap wave i (260). So expect retacement near the 50% fibo (+-240-250). Another options this is the beginning of a triangle and ETH will stay above the 200 some days.
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FilipeMiguel WealthHustler
@WealthHustler, maybe 195-190. If wave A finished at 224, 195 is 50% fibo retracement. Whith this strength I do not believe that it goes down much more than the 50% fibo retracement.
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