Welcome a short analysis on ETH!
We can see an ascending triangle being formed on Ethereum. Moving Average Convergence Divergence just had a death-cross on the 4 hour, and price is trading under the 50, 21, 13, and 8 Exponential Moving Average. Volume wise, bullish volume is decreasing while bearish volume is steadily increasing, I do not think the bulls are strong enough to hold this position. By looking at these conditions, price will decline until it hits support at 113.43 Kraken Price and, or the bottom of what appears to be an ascending triangle. This downward move from $167 seems to be a large correction but I expect price to bounce off the bottom trend line and eventually break upwards with the longer term price target of $288, which accordance to the Bitcoin fractal that appears to be matching the movement of the 2014 fractal, a move up to retest the broken trend line. In our case that looks to be $5700, Ethereum could hit the $288 price target with a large downward move to retest the previous lows.
I am the master of Barts, explorer of Charts. The Mail Man delivering profits without end!
The Mail Man
We can see an ascending triangle being formed on Ethereum. Moving Average Convergence Divergence just had a death-cross on the 4 hour, and price is trading under the 50, 21, 13, and 8 Exponential Moving Average. Volume wise, bullish volume is decreasing while bearish volume is steadily increasing, I do not think the bulls are strong enough to hold this position. By looking at these conditions, price will decline until it hits support at 113.43 Kraken Price and, or the bottom of what appears to be an ascending triangle. This downward move from $167 seems to be a large correction but I expect price to bounce off the bottom trend line and eventually break upwards with the longer term price target of $288, which accordance to the Bitcoin fractal that appears to be matching the movement of the 2014 fractal, a move up to retest the broken trend line. In our case that looks to be $5700, Ethereum could hit the $288 price target with a large downward move to retest the previous lows.
I am the master of Barts, explorer of Charts. The Mail Man delivering profits without end!
The Mail Man
Comment:
Order cancelled:
It's bullish.. MACD 4 Hour golden cross, with supporting volume
Comment:
jk