At least we took some time with this retrace but we still going up. don't get fooled of shorts, ETH will surely explode to new levels very soon.
Diamond bottom formation on hourly chart. TP 1 ~ 0.027.
short active at 0.0326
First iteration of the chart was made invisible by Trading View Moderators. Describe what you think and why.
The DAO bullish-ness is mostly over, technicals are mostly pointing downwards, and we are most likely going back to the "baseline".
It should break up close to this point but if it retests the wedge's resistance and bounces then it likely wants to go to make support at 0.011 approx.
In case of failure of a proper price bounce off the 1 month old support line around .025-.026, ETHUSD could enter the 1d ichi cloud and continue its decrease. New support levels could be found at 0.5-0.78 fib lines. Since 1d MACD, RSI, TRIX and OBV are turning down, price progression above the 1month old support line is doubtable for ETHBTC.
It is highly possible that we have entered our first impulse wave of a five-wave structure composing Wave C down. I am expecting the completed wave to take a run at the 4H 200 EMA, and possibly confirm a break. *Note: - Thick blue trend line follows price from .~.015 area - The 12/26 EMA cross near the ~.034 top (strong bearish signal) - (4) and (5) are rough...
EW aside, we have a 4H 12/26 EMA cross. Very Bearish. Looks like price may go for 200 EMA.
Red and green a separate counts (Green = Bull || Red = Bear) We could be in a (4) right now for another push higher before down (Green). Or we could be beginning a nasty path downward. Both look viable to my at the moment. Typically looking for a ~38.2% retrace on a w4, but this looks like it may end deeper. Obv possible, but lends skepticism, at least imo....
General consensus is ETH going down to 0.02, to add a contrarian view I'll say that we've reached support by hitting a 0.618 retracement from 0.03415 and ETH will go for an ATH.
ETH running on 3 positive fundementals: Okcoin add rumor, coinbase add and the 160 M $ $DAO crowdfunding with $ETH trade active 0.03035 stop loss very close to position as in the chart.