I hope everyone took cover after the Alert two days ago: “ETH could possibly accelerate down from here. The candle formations suggest a possible substantial drop in the next 1-2 days. Possible target area: $3280-2950.”
Alert on January 3rd
This daily overview contains:
– analysis of candles and technical events;
– short term forecast;
– long term forecast.
The daily is a strong bearish continuation candle that happened to close lower than December 4th low. The coin also managed to not fall into an oversold territory and indicators also support a move down.
Unless some miracle happens, we should observe a 50/100 DMA bearish cross tomorrow. ETH was supported by 200 DMA for now, but there is a good chance it will fall through in the upcoming days.
The odds are strong bearish with no signs of reversal yet.
If this week closes “as is” or lower, the weekly odds would also become strong bearish.
If you followed @InvestingAngles and our long term forecasts on crypto for a while, you would be able to avoid painful declines in May 2021 and now.
Tracking two paths:
- Red (primary for now).
ETH is working on an Ending Diagonal for wave C of IV, targeting the red rectangle.
ETH is developing a Super Cycle wave (II).
For a reference, the Cycle wave II declined 94% in 2019.
I have been tracking this possible triangle and a breakout since December 12.
Short term targets: $3280-2950
ETH is expected to continue its move downwards. Possible short-term targets: $3280-2950.
There is no signal of a reversal yet. A daily closure above ~$3660 would be the first bullish sign.
The long term perspectives were discussed in details in ETH 2022 Forecast.
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