ETHUSD touched today the key support price of 234 $, if breaks this level lower then the closure of this (very ugly I must admit) head & shoulders pattern next support is at 167 $.
I think I might have missed the entry for the first trade but i'll get in anyway. If the first trade is stopped, i'll enter again on the second RR indicator. The second trade makes a lot more sense given how bitcoin is praised by people around the globe.
Litecoin currently holding at the 20EMA however we expect the cryptocurrency to re-test the break out level at $54.57 before moving higher. The cryptocurrency market was hit hard yesterday as China announced they will be banning ICO's (Initial Coin Offerings) stopping companies creating finance through pricing the coins at a fixed rate.
We don't see this as a ...
Are we seeing a start of an Inverted Head & Shoulders?
Resistance remains at around $4,440 (potential neckline)
Expecting a pullback to at least $4,000 from there we will see...
Sean Vengan
Professional Cryptocurrency Trader and Trading Educator
Using Fibonacci extension of 1.61 from the pull back after the last high. You can see that Fibonacci works well for bitcoin as I have the retracement on there to predict an accurate reversal point. The Elliot Wave theory also seems to show that there is more to come from the current impulse wave.
