ETH - Bearish divergence on 4 hourly and daily
Updated
Hi folks,
On the chart you can see that ETH is losing momentum. We have bearish divergence on the 4 hourly and daily, MACD cross and it seems that Elliott wave 5 was completed at the last local high.
I believe we will see a sharp fall in the crypto market when Bitcoin halving FOMO is over and exchanges are going to sell. If we break to the downside from the drawn channel, 160 will be the next strong support for ETH which aligns with the 0.5 fib.
Happy trading to everyone!
On the chart you can see that ETH is losing momentum. We have bearish divergence on the 4 hourly and daily, MACD cross and it seems that Elliott wave 5 was completed at the last local high.
I believe we will see a sharp fall in the crypto market when Bitcoin halving FOMO is over and exchanges are going to sell. If we break to the downside from the drawn channel, 160 will be the next strong support for ETH which aligns with the 0.5 fib.
Happy trading to everyone!
Trade closed: target reached
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