ETH have been chopping around the red wma200 line for the last 3 weeks with no clear direction before & after Thursday’s CPI report. The pump, dump & pump created a long-tailed hammer but still fails to recover the red weekly wma200 line. A tight Bollinger Band indicates a big move coming.
TO BE BULLISH AGAIN:
It needs to get above 1425 (the 2018 wave 1 top) to breakout of the blue wedge. This will also mean a BO
of the downward-pointing daily dma50 & 150 acting as resistances.
It needs to go above 2018 (Cup & Handle neckline) to confirm a higher high new uptrend.
CONFLUENCES signal BOTTOMING PROCESS: There is high probability that June low of 882 may be the bottom due to it being a confluence of 3 important Fibonacci levels:
882 may be the level where the ABC correction ends with A wave = C wave
882 is where wave C= 2x wave B
Interesting to note that 882 is also exactly a 1.272 retracement of the last big rally from 1711 to ATH
of 4864.
Not trading advice. Pls like & follow if this helps.
TO BE BULLISH AGAIN:
It needs to get above 1425 (the 2018 wave 1 top) to breakout of the blue wedge. This will also mean a BO
of the downward-pointing daily dma50 & 150 acting as resistances.
It needs to go above 2018 (Cup & Handle neckline) to confirm a higher high new uptrend.
CONFLUENCES signal BOTTOMING PROCESS: There is high probability that June low of 882 may be the bottom due to it being a confluence of 3 important Fibonacci levels:
882 may be the level where the ABC correction ends with A wave = C wave
882 is where wave C= 2x wave B
Interesting to note that 882 is also exactly a 1.272 retracement of the last big rally from 1711 to ATH
of 4864.
Not trading advice. Pls like & follow if this helps.