As forecasted, $ETH continues down. The next target area – $3640-3850. There are at least two reasons that support this hypothesis and they will be discussed below.
If you followed my Micro Path series of tweets since the top on November 10th, this course of actions would not catch you unprepared. The details and targets for every major turn were shared and in depth discussed with the subscribers.
This daily overview contains:
– daily candle chart – analysis of candles and technical events;
– detailed hourly EW chart and a short term projection;
– classical patterns;
– forecast for this week.
The yesterday’s bearish Engulfing was fully confirmed today with a bearish continuation candle that closed below 50 DMA on high volume and support from a few other indicators. Unless ETH closes tomorrow above at least $4263, the odds will stay bearish.
The weekly odds remain strong bearish.
The hourly chart remains the same for the last 6 days. It looks like #ETH is working on completing wave 5 off the top on November 10. At this point, the wave could be shaping as a diagonal.
Target area for wave 5: $3640-3850
Target by flag: $3640
Timing by channel: possibly this week.
ETH is bearish with the target of $3640-3850 that can possibly be achieved this week. The target area is marked by a red rectangle.
As long as #ETH closes the daily candles below $4263, it is expected to move down.
Once ETH makes a new low, it would be considered as a very significant event and it will be discussed at a greater length once it happens.
The subscribers will be alerted daily about any major changes in direction.
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