While still in an uptrend, eth/usd has been pulling back for longer every 12 hours or so. The price of the close wick at the deepest part of these pull backs has been creating higher lows and falling fairly close to consecutively higher fib levels. This could mean that consolidation is the name of the game at the moment and we're looking at higher prices later this month.
What gives me reason to consider that it will be ranging or more probably continuing lower is that the price has touched senkou span a for the first time in over two days. Chikou span has also fallen into the candlesticks path. These are signs that may offer a good buy opportunity if the market moves sideways. But, the body of the candle has broken through kijun sen which was a good resistance level.
Indicated by the half circle, (its supposed to refer to the c-clamp trade, sorry for my drawing skills), this most recent correction is probably complete. But the T-K crossover at the end of it means we have finally entered a downtrend on the 1 hour chart. Should it break the $661 price at .382, I would feel confident in waiting for lower prices to buy into. Which is exactly what im going to do.
Good luck.
What gives me reason to consider that it will be ranging or more probably continuing lower is that the price has touched senkou span a for the first time in over two days. Chikou span has also fallen into the candlesticks path. These are signs that may offer a good buy opportunity if the market moves sideways. But, the body of the candle has broken through kijun sen which was a good resistance level.
Indicated by the half circle, (its supposed to refer to the c-clamp trade, sorry for my drawing skills), this most recent correction is probably complete. But the T-K crossover at the end of it means we have finally entered a downtrend on the 1 hour chart. Should it break the $661 price at .382, I would feel confident in waiting for lower prices to buy into. Which is exactly what im going to do.
Good luck.