We have seen the strong bounce from Eth:usd, we can expect a solid pull back to test support based on fib lines. we can draw it down to 114$ before we see a further surge. On the daily, the Td sequential gave us a 9 reversal below a 9 resistance with a current red 1, we also have fib 0.6fib level as resistance as well as resistance from previous price action. we have 2 doji candles at the top signalling a solid reversal. Multiple momentum oscillators(cm Laguerre, pekipek momentum oscillators) are calling for reversal.
short term is a downtrend with 1st target at 134$ and 2nd target at 114$. followed by some sideways action and a steady upward trend (see green arrows)
short term is a downtrend with 1st target at 134$ and 2nd target at 114$. followed by some sideways action and a steady upward trend (see green arrows)
Trade closed: target reached:
we can see that the short term drop we expected played out like clockwork however the consolidation is taking slightly longer than expected, so we need to consider a potential further break down for double bottom before we have further rally's. We can see both a green and a red TD 9 overhead calling major resistance. The news of the delay broke the dreams of many investors. here is my updated idea:
Td sequential is on a weekly 1, a daily 3, all bullish off the support afterwhich we achieved our first higher low, a bullish sign indeed. Momentum oscillators are very bullish calling bottoms on the daily timeframe. stochastics are approaching the overbought territory but as we know it can linger there for quite a while as price continues.
i wont be placing targets here as i believe it can go much higher, and currently my targets simply seem too ridiculous, once i have evidence supporting my theory i will share.