ETH/BTC are we still going down??
ETH just like most other alts following BTC movements have had a harsh sell off at that last high, however Ethereum seem to have move of a slow bleed off from the consolidation rather than a small bear flag which was interesting.
again the daily has printed a bullish engulfing which was the main turn point from the 618 on the overall uptrend....HOWEVER.... IMO it has broken a level of demand previously created on the 16th of feb, so im not looking at the next level of demand as the next real major support and the previous high giving us the current daily range between .031 and .039.
I believe ETH will come up to test these fib levels over the next few days and ill be keeping a close eye for divergence and momentum oscillators for signs of a reversal in the short term trend to potentially find an entry for short leveraged position with the 618 being the ideal position, i will not take an entry if i do not find a reversal pattern or get confirmation on a rejection.
38/50/61 all potential reversal points in this down trend and will confirm a LL and a LH kicking off another mid term down trend, if the 618 breaks we could be heading back up to test that previous high to try and make a new high to continue the longer term daily uptrend started from the 6th of feb.
again the daily has printed a bullish engulfing which was the main turn point from the 618 on the overall uptrend....HOWEVER.... IMO it has broken a level of demand previously created on the 16th of feb, so im not looking at the next level of demand as the next real major support and the previous high giving us the current daily range between .031 and .039.
I believe ETH will come up to test these fib levels over the next few days and ill be keeping a close eye for divergence and momentum oscillators for signs of a reversal in the short term trend to potentially find an entry for short leveraged position with the 618 being the ideal position, i will not take an entry if i do not find a reversal pattern or get confirmation on a rejection.
38/50/61 all potential reversal points in this down trend and will confirm a LL and a LH kicking off another mid term down trend, if the 618 breaks we could be heading back up to test that previous high to try and make a new high to continue the longer term daily uptrend started from the 6th of feb.
How ever the signs where there, on the 4hr time frames we have a bearish divergence leaning into the 38% retracement, failed to break and we pushed back down to previous demand once again.
If you got in it was a tasty 4.5% short, the bounce started off convincing however cci already heading to over bought and again failing to make a new high, so im confident on this bleeding out a little more over the next few days but as i missed my ideal entry ill be sitting on the side lines :(