ETH Downtrending
Updated
ETHUSD233 EMA, structure, indicators are all bearish.
ETH is most probably still headed downward with a target price of 650, possibly 600.
unless it breaks the parallel downward purple structure.
Note
Also, from 1D view, we can observe that ETH is forming head and shoulder. If this pattern assumption is correct, we have another sign that ETH is headed down.
The EMA 233 should function as support
Trade active
Target Price 1 (top blue area) was reached. Shorting successful.We may see condensation at this support level (650).
An update will follow, to determine the probability of next move.
The main idea post still remains active.
Note
I wouldn't trade in this condensation area. We'll need to wait to determine next move, even though I assume the price has a lot of room downward prior uptrendingNote
As you can see, from Fibonacci, ETH price still has lot's of room for a retracement downward, before forming a new uptrend wave.If the price retraces at the golden level, then expect the price to reach 540, before turning into an uptrend.
By 2019, this is going to be the lowest point to buy, since I don't think ETH will ever reach again the 500 area. By December, ETH should be above 1,000
Note
In the above picture, a bullish flag is visible, but price action could still downtrend due to a trend structure, and because of downtrending EMAs up to 200 EMA.
If the price breaks the structure in purple, the price could spike up to 750 resistance. Careful about fake breakouts, the price could break upward, then move back into the downtrend.
I wouldn't buy/sell at this moment, until price moves out of the bullish flag.
Trade closed: target reached
TP1 reached, closing this idea.A new idea with updated ETH price changes can be found here:
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