After the completion of five growth waves at the level of $ 840, the price of ETHUSD fell below 61% Fibo and set a new local minimum at $ 492. The correction is ZygZak's character and this is a typical correction for the second wave. Nevertheless, the market is still below the local downward trend line and only a break above this line and above the resistance level of $ 615 would open the way to a potential attack on the summit.
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Time to test the key techcnial resistnace at $615.
What's the point of Ethereum TA? It will grow if bitcoin will grow, and will go down if bitcoin will go down.
cyberluck
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@SatoshiBTCQueen, haha seriously unless he’s doing it for those who are pattern blind and don’t look at BTC. Besides this is short live, we are going down after this ABC or WXY but they don’t say that. look at mar/apr pattern at the bottom. this is not a rally but a fakeout or the end of a correction with B going up before plummeting.
Nidalas
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@cyberluck, first, ETHBTC also has moves. Some altcoins move semi independantly from bitcoin, and a BTC range within downtrend is enough to allow a small corrective rally up of eth usd (ETH BTC also correcting up)
second, bitcoin was on a multi months huge support, so you can at least expect a taking profits of the shorters
(sorry for the idea dropping Sebastian)
third even if you were right, and it is short lived, people might want to do countertrend swings, or look for the best shorting points possible
sebastian.seliga.7
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@SatoshiBTCQueen, The point is to know the levels to trade. And many more.
LindaMcGrath
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A wise trader once told me second waves tend to hit a nadir in sentiment. The short interest at your 2 low fits that perfectly. Thank you for sharing!!!!
Nidalas
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I don't agree with the targets, but interesting idea and definitely a channel to watch, keep it up !
cyberluck
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not so fast, this is an ABC formation with C dropping below A. look at mar/apri pattern.