ETHUSD Heading Lower to $565-550 MMansfield. 9:00 p.m. EST 04/30/18
Ethereum should tag the lower channel line within 48 hours or less.
REASONING:
Ethereum should tag the lower channel line within 48 hours or less.
REASONING:
- We saw mostly declining volume into the retracement high that failed to make a new high (labeled Wave B).
- The WT Cross indicator showed divergence at the $721 high, and the MACD (3,10,9) followed with clear intra-wave divergence at the $703.99 retracement high.
- Lower targets are at least $565-550, channel line that is also near the Wolf Wave Wave 2 to Wave 4 trendline for added confluence of support.
- ETH may drop to $511 area, but if $495 is broken on the downside, then a further bull move could be in trouble!
DISCLOSURE:
This analysis is meant for educational purposes only. You trade at your own risk!
Michael Mansfield CIO