After its momentum ETH seems approaching now a significant correction, as the price has already hit the upper level of channel on 4h timeframe. Historically after such a momentum, price usually starts its rally to the downside, ranging between the and the lower level of channel. Also indicators are pointing out to a possible decrease, in fact a divergence has been spotted, as shown by the black lines.
MACD is looking , below the trendline, is 50, buying volumes are decreasing and divergence is still under 0. For all these reasons I highly expect the short position to play out. In order to enter the position, wait for the to appear (green triangle). A occurs when there is a high point with two lower high bars/candles on each side of it. The indicator isolates potential turning points on a price chart and signals the price could move lower.
The entry point corresponds to 0.236 Fibo level and all the targets corresponds to previous resistance, as well as to 0.382, 0.5, 0.618 and 0.786 levels which all have almost perfectly predicted zone historically.
ENTRY PRICE: > 3.450 $
TARGETS: $ 3.300-3.200 / 2.800 – 2.700 / 2.450 / 2.200 / 1.900-1.800 /
STOPLOSS: $ 3.900
TRADE AT YOUR OWN RISK
NOT FINANCIAL ADVICE
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