$ETH formed a strong Dark Cloud Cover today. If confirmed, the next target area, as forecasted before, would be 1700-1600.
If it makes a lower low, I would consider the whole structure off the Top as a motive wave. It would mean that the correction is not complete – after a multi-week see-saw movements, it should be another wave down, though it is a bit early to talk about it. Let’s see whether ETH hits a lower low in the next few days.
- A monstrous bearish candle is developing on the monthly scale.
- If $ETH goes below 1423.20, a triple-digit price should not be a surprise.
Latest Weekly Analysis:
Follow the blog on Twitter @InvestingAngles or by email subscription.
The call on May 16: