Hello #Crypto friends,
$ETH has shown some strength in opposite to Alts which have taken a beating.
I believe that is due mainly to the fact that the market was exiting micro cap coins to Ether before it puts a new low, which has only delayed the next wave down since it has been heavily rejected at the $390 range.
Today we might seen another rejection at the current levels (i.e: $340), validating a bearish formation of a head and shoulder pattern.
Once confirmed, daily close. We might see Ether pull back to the .5 fib level easily dragging most Alts to the .236 fib and final level before reversal.
I am looking at shorting ETHBTC to .0286-.0283 range or buying at these levels or anywhere under $290.
Hope this helps,
If it does, don't hesitate to follow, like or/and share.
Until next time !
$ETH has shown some strength in opposite to Alts which have taken a beating.
I believe that is due mainly to the fact that the market was exiting micro cap coins to Ether before it puts a new low, which has only delayed the next wave down since it has been heavily rejected at the $390 range.
Today we might seen another rejection at the current levels (i.e: $340), validating a bearish formation of a head and shoulder pattern.
Once confirmed, daily close. We might see Ether pull back to the .5 fib level easily dragging most Alts to the .236 fib and final level before reversal.
I am looking at shorting ETHBTC to .0286-.0283 range or buying at these levels or anywhere under $290.
Hope this helps,
If it does, don't hesitate to follow, like or/and share.
Until next time !
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Target hit yesterday, if $ETH doesn't bounce off now I expect further decline in USD value as well.. If it shows strength, the 0.5 fib level is a good place to long or close shorts.