ETH DOWN 70% after bearish signal - 560 USD target?
ETH dropped 70% (purple price range) after the bearish Supertrend Ninja - Clean signal (red vertical line on the background). In a possible bearish scenario ETH might possibly drop to 560 USD, completing wave 5 of the Elliot Wave (blue lines).
ETHis still in the Bearish Zone of the Ichimoku Cloud on the 2Day chart. The RSI is still in a range/ slightly bullish at 53. RSI Brown at 78. If we take a look at the Average Directional Index ( ADX DI) its starting to be bearish. As DI+ (green line) is looking to cross under DI- (red line). Currently ETH is above its middle Bollinger Band , Band Basis 20 Period SMA . While it is slightly below the LSMA . In short the technical indicators are indecisive as we are still in a range for ETH on the 2Day chart.
Supports and Resistances are highlighted as grey blocks. Remember to always take profits and use proper risk management!
Thank you for reading.
Namasté 🙏
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
What Indicators Do I Like To Use:
I am using the "Supertrend Ninja - Clean", which is a trend-following indicator (Green and red vertical lines on the background). When the background of the candlestick closes green (vertical line). It indicates a possible bullish (up)trend. And red for possible downtrends.
ETHis still in the Bearish Zone of the Ichimoku Cloud on the 2Day chart. The RSI is still in a range/ slightly bullish at 53. RSI Brown at 78. If we take a look at the Average Directional Index ( ADX DI) its starting to be bearish. As DI+ (green line) is looking to cross under DI- (red line). Currently ETH is above its middle Bollinger Band , Band Basis 20 Period SMA . While it is slightly below the LSMA . In short the technical indicators are indecisive as we are still in a range for ETH on the 2Day chart.
Supports and Resistances are highlighted as grey blocks. Remember to always take profits and use proper risk management!
Thank you for reading.
Namasté 🙏
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
What Indicators Do I Like To Use:
I am using the "Supertrend Ninja - Clean", which is a trend-following indicator (Green and red vertical lines on the background). When the background of the candlestick closes green (vertical line). It indicates a possible bullish (up)trend. And red for possible downtrends.
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