ETH closure today was somewhat bullish-neutral. But look what it is doing right now. Let’s explore the current action.
ETH closed today with a Piercing Line candle that prompted at least a mini-rally in an attempt to confirm a bullish reversal. This rally was rejected precisely at the 200 MA level with a strong hourly hammer candle. If this action continues overnight, in the morning we could see some much lower prices.
The monthly and weekly time frames continue to be very bearish and it heavily impacts all smaller frames.
FORECAST & Events to Watch:
If ETH closes tomorrow:
– above $2040-2050, expect a mini-rally for several days;
– below $2020, expect lower prices, possibly much lower;
– between $2020-2040 – horizontal movement.
From the weekly report on weekend: “A downwards move is expected in the next few days. The move could break through the 200 MA line. Based on the minor waves, the most immediate target for the move would be $1700-1705.”
So far, everything as planned. If there are any changes, I’ll update.
– If ETH in July closes below $1707, the prolonged decline would be confirmed.
– A closure above $2908 would likely mean that a rally is underway.
– Anything in between, a continued horizontal correction (Alt B in light blue).
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The call on May 16: