The drop on Ethereum has been absolutely brutal! Hope everyone has been making some nice gains playing the oversold bounces and shorting the hell out of ETH! But Bears beware, overall, I am seeing a possible short term trend reversal for ETHUSD coming up over the next few days.
There is bullish divergence forming on the daily, and it is nearing strong historical support. I foresee a probable bounce to test the .236 ($360.23) and .382 ($451.87) Fib and support levels minimum. The stretch target would the .618 Fib ($600.00) which brings it to the top of the channel of the last two Lower Highs. You can trade this on breakout confirmation, or stack your buys and add more on strength. I consider this a relatively low-medium risk trade.
About me:
I am a professional trader with over thirteen years of trading experience. I am fortunate enough to have had the opportunity to retire at age thirty, and I now trade for pure amusement. I love the crypto community, and would like to further flourish within it by helping any newcomers learn to trade and invest and adopt a crypto currency lifestyle. If you found this chart helpful, please give it a like and follow me on Twitter.
Thank you,
Mike, the OMEGA Trader
There is bullish divergence forming on the daily, and it is nearing strong historical support. I foresee a probable bounce to test the .236 ($360.23) and .382 ($451.87) Fib and support levels minimum. The stretch target would the .618 Fib ($600.00) which brings it to the top of the channel of the last two Lower Highs. You can trade this on breakout confirmation, or stack your buys and add more on strength. I consider this a relatively low-medium risk trade.
About me:
I am a professional trader with over thirteen years of trading experience. I am fortunate enough to have had the opportunity to retire at age thirty, and I now trade for pure amusement. I love the crypto community, and would like to further flourish within it by helping any newcomers learn to trade and invest and adopt a crypto currency lifestyle. If you found this chart helpful, please give it a like and follow me on Twitter.
Thank you,
Mike, the OMEGA Trader