On the Daily chart Ethereum is forming a Bull Flag pattern which is continuation pattern.
The market is having difficulties pushing the price higher as it's getting rejected by $730 resistance and downtrend line of the flag which acts as resistance.
The flag pole represents wave 1 and as it was seen on the chart it was slowly forming a bearish divergence which lead to this downtrend. This downtrend is actually giving good trading opportunities because wave 2 usually retrace to one of these three fib levels that are 0.382, 0.5 and 0.618 fibs.
ABC correction waves are indicating that the price is getting back in to support zone which can be found at $618 - $574 price levels.
This bullish pattern measured target is in between of 1.414 and 1.618 fib levels.
If it's not able to break $730 resistance level with force and break above of MA9, MA13 lines, then I'm expecting it to retrace to wave C before pushing higher.
If you need any help with trading, recommendations or where to search basics just feel free to leave me DM in here or in my twitter. I try to respond ASAP! :)
Happy trading!
Things to Remember:
Stop-loss orders are strongly recommended.
Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
Do your homework before investing.
DISCLAIMER:
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Yarr
The market is having difficulties pushing the price higher as it's getting rejected by $730 resistance and downtrend line of the flag which acts as resistance.
The flag pole represents wave 1 and as it was seen on the chart it was slowly forming a bearish divergence which lead to this downtrend. This downtrend is actually giving good trading opportunities because wave 2 usually retrace to one of these three fib levels that are 0.382, 0.5 and 0.618 fibs.
ABC correction waves are indicating that the price is getting back in to support zone which can be found at $618 - $574 price levels.
This bullish pattern measured target is in between of 1.414 and 1.618 fib levels.
If it's not able to break $730 resistance level with force and break above of MA9, MA13 lines, then I'm expecting it to retrace to wave C before pushing higher.
If you need any help with trading, recommendations or where to search basics just feel free to leave me DM in here or in my twitter. I try to respond ASAP! :)
Happy trading!
Things to Remember:
Stop-loss orders are strongly recommended.
Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
Do your homework before investing.
DISCLAIMER:
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Yarr
Comment:
Building up this bullish hidden divergence. Needs to break above of 730 to confirm div. Following this pattern for now and bought some at 680 level. buying small amounts at time.
