$ETH has much higher chances to continue down than upwards. Possible next target remains the same – $3640-3850. Let’s have a look at the coin from different angles.
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.
Today ETH printed a bullish Engulfing candle. As the move was not fully supported by multiple indicators, it requires a confirmation.
A green candle tomorrow would confirm the bullish rally. Any red one below ~$4200 would mean that the bears are in charge.
At this point there are too many options and it is better to wait for a confirmation on the trend and remember that the weekly candle was very bearish.
From the perspective of direction/channel, the hourly chart remains the same for the last seven days. After a little bounce today, I added a few possible counts to track. In general, all of them are bearish and expect a move lower.
I will add a bullish count as soon as ETH confirms a reversal.
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.
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.
Follow the blog on Twitter @InvestingAngles or by subscription: