This is my first published analysis after spending some time learning about TA and charting. All signs on the ETHUSD point to a bearish continuation towards $465 in the next few weeks.
It is currently forming a triangle on the hourly chart with resistance at the 0.5 Fibonacci retracement level ($600). When it breaks out, I expect it to break downward towards $510 based on the weekly pivot point support before continuing the fall to $465.
I expect a strong wave of corrections upward at $465.
Let's see what happens!
Comment
⋅
EW5 came sooner than expected. ETH is currently testing the downward trendline support at $505. If the support can hold then we may see a bounce to $540. If not, then it's straight to $465.
Comment
⋅
Edit for previous comment: EW5 may have started as the breakout of the consolidation triangle
Comment
⋅
There could be a long scalping opportunity at ~$500 to ~$530 coming soon
4 hour chart:
Stoch and RSI are both oversold Falling wedge formation (reversal pattern - becoming bullish) There is a regular bullish divergence with lower lows being formed on the chart, and higher lows on the RSI
I am currently short from $527, but will be closing my position at the downward trending support line.
I realize you are not popular on this site.. but your TA fits super-well with my non-TA babbling. Perhaps, I see the fall occurring faster.. but who knows. Following you to see what happens. Here is a peak of my non-TA methodologies.
soxinabox
⋅
@TradeClass, thank you for following. This is my first published TA idea. Let's see where this goes.
TradeClass
⋅
@soxinabox, Your chart is excellent.. it makes sense in my mind. Please understand that I follow some of the best and most popular TA charters on this site. Lately, I am continually disappointed by most of them. My only suggestion... and please take this as just an idea... for the future.. include an alternative outcome (on the same map) using a different color to trace its path. Regardless... with the current state of the market, I would say any positive movement upward is absurd/wishful thinking. LOL