The Ether price is on a DOWNWARD TREND off of the G pivot high, new top, confirmed by the Engulfing Red candle and multiple time alignments with other pivots. We are looking for a short entry point on the daily chart. A few things to note in the updated chart:
1. G3 is pivot high updated to $394.68 and failed at the pitchfork median line
2. G3 closed above polarity, but this week's candle fell below
3. Price may be accumulating between $310 and $395 for some time, as the rising MA's and pitchfork supports the downtrend
4. I expect the uptrends to be smaller on the daily chart: the MACD signal line descent and expected downward cross indicates the falling price range volatility
5. We will discover the entry point for the trade off the daily, because the weekly hints at a triangle formation, but our short term goal is the old tops from June
1. G3 is pivot high updated to $394.68 and failed at the pitchfork median line
2. G3 closed above polarity, but this week's candle fell below
3. Price may be accumulating between $310 and $395 for some time, as the rising MA's and pitchfork supports the downtrend
4. I expect the uptrends to be smaller on the daily chart: the MACD signal line descent and expected downward cross indicates the falling price range volatility
5. We will discover the entry point for the trade off the daily, because the weekly hints at a triangle formation, but our short term goal is the old tops from June
Order cancelled:
We did good to wait and see the lower trend confirm. It never did, so we did not enter this trade.