ETH ripe for correction, Short-term short, Long-term Bull
Outlook:
2H timeframe showing early indicators of possible correction.
MACD, strong divergence, declining volume and squeeze indicator showing a good short set up on 2H timeframe.
Depending on risk management, may wait for 4H, and 6H confirmation.
Late confirmation will be breaking through the barrier at fib 1 (1942.71).
FOMO buy of Paypal Pump of 3/30 caused latest break through ATH at 2000 level.
Pressure seems to be easing for a healthy correction.
Long-term remains bullish.
Current PO position:
Short @ $40k ~ $2000 avg price
Key watch points:
Fib 1.0 (1942.71) -- Confirmation we're in a short position.
Short outlook:
Expect to mirror fib 1.618 to .618 at 1790.
Always check indicators at key support lines for trend deviations.
Long term outlook:
Team Poidog Official still remains bullish on ETH after a healthy correction to .618 fib.
*** not financial advice ***
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2H timeframe showing early indicators of possible correction.
MACD, strong divergence, declining volume and squeeze indicator showing a good short set up on 2H timeframe.
Depending on risk management, may wait for 4H, and 6H confirmation.
Late confirmation will be breaking through the barrier at fib 1 (1942.71).
FOMO buy of Paypal Pump of 3/30 caused latest break through ATH at 2000 level.
Pressure seems to be easing for a healthy correction.
Long-term remains bullish.
Current PO position:
Short @ $40k ~ $2000 avg price
Key watch points:
Fib 1.0 (1942.71) -- Confirmation we're in a short position.
Short outlook:
Expect to mirror fib 1.618 to .618 at 1790.
Always check indicators at key support lines for trend deviations.
Long term outlook:
Team Poidog Official still remains bullish on ETH after a healthy correction to .618 fib.
*** not financial advice ***
If you appreciated this analysis, leave a thumbs up and let us know your position.
Comment:
As predicted had a small correction on 4/7. I expect a bigger correction down to ~1850 level before continuing on a bull trend. Strong support at 2100 and 2000. 1950 is next support line. Ask questions in comments below.