ETHUSD: Long term sell target hit. Waiting for a bottom.

TP = 139.80 hit as the selling of the last two weeks has so far stopped at 103.03. This was our long term sell target and its achievement indicates the completion of our long term short strategy on Ethereum. We will now wait for a bottom to be formed within December - January before planning our long term long strategy.

There is however a new tradeable pattern on 1D that has emerged, with an oversold (RSI = 23.227) Channel Down (MACD = -23.450, Highs/Lows = -18.0300, B/BP = -43.8679). This calls for a rebound near 159.00 before the last bearish leg to form a new bottom below 100.00.

In our opinion it is not worth taking this risk as ETH can develop aggressive volatility in its final candles of its bear market. Its upside potential is significant and it is best to wait next year for a long term buy. We will update then or when a better short term pattern arises.



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