Hey guys
Ill be doing a video analysis later.
Ethereum on a bigger timeframe is starting to find resistance.people are taking profit and the shorts are starting to roll in.We are coming off of the 89% fibonacci level down below and we are working our way up to the golden zone. We are getting close to that golden zone which happens to be at the $275 psychological level. We may not make it though as we are starting to see divergences at the smaller timeframes. I would like to see a nice 4hr or daily rejection candle with high volume to confirm the top.
We are also up above the 200ema. It's rare when an asset breaks above the 200ema on such a high timeframe on the 2nd attempt.its certainly possible, just much less likely.
I also have an ABC corrective structure labeled to the left and that will be in play until we break above the high of that structure ($364.00)
In red I have my area of accumulation for a short position. With a good laddering strategy you can really profit off the sell off.
I hope this helps,
Rigo
Ill be doing a video analysis later.
Ethereum on a bigger timeframe is starting to find resistance.people are taking profit and the shorts are starting to roll in.We are coming off of the 89% fibonacci level down below and we are working our way up to the golden zone. We are getting close to that golden zone which happens to be at the $275 psychological level. We may not make it though as we are starting to see divergences at the smaller timeframes. I would like to see a nice 4hr or daily rejection candle with high volume to confirm the top.
We are also up above the 200ema. It's rare when an asset breaks above the 200ema on such a high timeframe on the 2nd attempt.its certainly possible, just much less likely.
I also have an ABC corrective structure labeled to the left and that will be in play until we break above the high of that structure ($364.00)
In red I have my area of accumulation for a short position. With a good laddering strategy you can really profit off the sell off.
I hope this helps,
Rigo