I've been watching ETH in a while now, and I think the descending process has started - Right now on the local 1. wave and probably turning up to the local 2. wave as we speak. To confirm the last one I've added a global FIB circle and trying to make it match the pivot points (At least five pivot points in this case). This gives us a resistance circle (0,5 fib) and several support circles (0,786 fib, 0,886 fib and 1,0 fib - Respectively point 1, 3 and 5). We also see that the 0,618 fib circle is supporting several places - also in the current situation. And because of that reason I think it will raise again some days (Target: 734$) before it will descend again (towards point 5). In other words I'm short in a longtime perspective.
Comment:
Head and Shoulder Pattern next??
Trade active:
It's time to short it.
Trade closed: target reached
