Ethereum up for retracement towards $600 or $550, let's see.
Small technical analysis on Ethereum/Dollar.
What do we see? Well, we clearly see a bearish divergence on the daily. What we also see with that is hand in hand lower volume in the last top upwards. From that I’m drawing the fibonacci retracement levels.
Checking the Ethereum/Bitcoin chart, we can see the clear same bearish divergences on the daily now. MACD, Histo, Stoch and RSI wise.
Given the fact that I’m expecting a retracement on BTC/USD, I’m expecting Ethereum to run down after this upwards movement too.
The green zone is the obvious strong accumulation zone from earlier, where we bounced, made a falling wedge and moved upwards.
What do we see more? Two bounces around the 0.382 fibonacci level and currently not breaking the upper level: $720 zone.
That for me states that (in combination with the bearish divergences) are going to see a downwards movement.
The important fibonacci levels here are:
0.5 fib level $600
0.618 fib level $540
From there we have to see whether it’s making the bullish divergences back again in order to continue the upwards movement.
Hold your horses is my general thinking, based on TA.
What do we see? Well, we clearly see a bearish divergence on the daily. What we also see with that is hand in hand lower volume in the last top upwards. From that I’m drawing the fibonacci retracement levels.
Checking the Ethereum/Bitcoin chart, we can see the clear same bearish divergences on the daily now. MACD, Histo, Stoch and RSI wise.
Given the fact that I’m expecting a retracement on BTC/USD, I’m expecting Ethereum to run down after this upwards movement too.
The green zone is the obvious strong accumulation zone from earlier, where we bounced, made a falling wedge and moved upwards.
What do we see more? Two bounces around the 0.382 fibonacci level and currently not breaking the upper level: $720 zone.
That for me states that (in combination with the bearish divergences) are going to see a downwards movement.
The important fibonacci levels here are:
0.5 fib level $600
0.618 fib level $540
From there we have to see whether it’s making the bullish divergences back again in order to continue the upwards movement.
Hold your horses is my general thinking, based on TA.
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