However, 4hr is quite low, so don't initiate fresh short. My take: If you have long position: Hold, If you have short position: hold :)
Longer term view for investors: We are still due for a 5th . Also, weekly which was too high is now coming to a more comfortable level and 1-2 weeks of upmove to reach 550USD is still pending.
a. Covert candle to line chart and count the waves.
b. Longer term, we are not even in neutral trend by MATH MURRAY. Not enough evidence to think that trend is over yet
c. Current reversal was because of massively overbrought sitatuion, first dip to 264 brought daily RSI under control, now 2nd dip back to 261 (most likely) is bringing weekly RSI under control
d. Fib trend gives top right at 406 (value 1), by fib trend 1.618 has to be reached for current set of 5 waves to be over
Most of the selloff started because of/around the status ICO, which could be replicated with EOS and NVO tomorrow
Im just trying to understand your points. Since the fifth wave is lower than the third for the most part, do you expect it to reach 500+? And would you then short ETH just before the ABC wave?
fib extension is around 585USD so I will expect that to be the next target. Ofcourse confirmation : candle reversal + RSI will be required to go short again.
By charts, this thing is going big now.
Thanks again for your professional and detailed analysis