After a strong bullish trend there is always to expect a corrective price action (flag, triangle, flat or other complex pattern). BITFINEX:ETHUSD is heading lower towards 500$. Current price is probably moving in wave (ii) of wave C.
ETHUSD had some bulls today ... I'm still seeing it bearish on a higher timeframe. If the resistance on 1100$ does not hold, we could see 1300$. While it's under 1100$ I'm bearish.
Updated count on:
Price reached my entry point at 1100$. Stopping at 1157$, closing at 510$. Happy trading ;)