$ETH - Leading diagonal breakdown should correct price by 30%
The entire move from the bottom screams for a correction and the patterns appears to be a leading diagonal, which usually have a sharp correction. Also the bounce is facing resistance at 0.618-0.65 Fib zone (red line), the trend line is also acting as resistance (red arrow)
We can also see bearish divergence where price makes a higher low while RSI makes a lower low, a sign of exhaustion
Leading diagonal is either Wave1 of new impulse move or wave (A) of an ABC, either way there will be a drop and then a bounce, so this looks like an obvious trade for now
ROI is great for a short. Longs should exit
Targets = $130 - $120
ETHBEAR token on FTX also appears to have ended an impulse with wave5 being an ending diagonal, and a breakout appears imminent. This means if token goes up in value, ETH price falls in conjunction i.e people buy this token to short ETH
We also have bullish divergence where price made lower low and RSI higher high
All the best!
We can also see bearish divergence where price makes a higher low while RSI makes a lower low, a sign of exhaustion
Leading diagonal is either Wave1 of new impulse move or wave (A) of an ABC, either way there will be a drop and then a bounce, so this looks like an obvious trade for now
ROI is great for a short. Longs should exit
Targets = $130 - $120
ETHBEAR token on FTX also appears to have ended an impulse with wave5 being an ending diagonal, and a breakout appears imminent. This means if token goes up in value, ETH price falls in conjunction i.e people buy this token to short ETH
We also have bullish divergence where price made lower low and RSI higher high
All the best!
Comment:
BTW target box is the 0.5-0.618 Fib area of this move up from the bottom
Trade closed: stop reached
