If $ETH closed the week on Sunday at this level ($4494 as I type), it would make the first solid step to resume the rally towards $5k or even $6k. All it needs is to survive the next three days.
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;
– forecast for this week.
Today ETH printed Maribozu, a bullish continuation candle. It closed above 8 EMA and flipped PSAR bullish along the way.
The majority of indicators are neutral.
If ETH closes tomorrow higher than ~$4370, it will keep the bullish odds higher. If below, the odds would flip back to the bearish side.
The move today invalidated the motive count down, and this is the updated chart where I track 3 scenarios.
- Red (primary).
ETH completed waves 1 and 2 and expected to move lower. If it makes a new low, a new target can be projected.
The correction could be longer and more complex. Waves A and B have possibly completed.
The correction ended on Nov 18 and ETH is in wave iii, possibly towards a new ATH.
In the next several days before the weekly closure ETH is expected to confirm the direction and provide initial data for forecasting the targets.
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