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.
I think ur right it will correct but i dont think one should short it, the trend its up, volume its not following the sell, too risky yo short, thanks for sharing.
bambam320
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@acostalugo85, I agree, probably consolidating, thanks for commenting.
qmentalist
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Seems like it bounced off of the $661 on Bitfinex. But I came here to see if somebody else also thought that there's a correction going on for ETHUSD. I was hoping that ETH would go up at least till $800 but seems like a temporary downtrend is coming and we might not see a pump end of this month if another BTC rally comes in with CME futures and BTC ETF.
ETF is still a rumour but still possible. CME itself might not cause anything similar to CBoE, but ETF could definitely destroy alts.
Thanks for the analysis!
bambam320
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@qmentalist, ETF is technically not a derivative, do you think the rumor will include alts in the fund and move investors to a more stable market? Thanks for commenting.