It's Time to Look for Support
Corrections are needed for more upward movement :)
The last several weeks Bitcoin has seen amazing price action while Ethereum has been lagging behind.
Finally Ethereum is making moves! Just not in the direction many hoped..
Over the last 24 hours, Ethereum has been knocking out support trendlines one by one. Creating nearly an 8% drop from its local high of $175, and smashing through one its vital support trendlines.
The break in these trendlines in combination with the Bitcoin price action has led me to believe that we may be starting a correction wave.
If this is indeed the start of a correction wave, I expect further breakdown to follow.
Currently most oscillators are bottomed or overextended on lower timeframes. Therefore we may get a little upward movement to restest the recently broken trendline.
My plan of action:
I am hoping to get a small short entry around 167.
Currently my first target will be 154 followed by the Harmonic Anti-Alternative Shark completion at 142.
Long Term:
Until the bottom major trendline is broken. I see no reason to turn full bear. The crypto market has seen quite the turn around since the bottom.
Just remember:
Corrections are needed for more upward movement :)
The last several weeks Bitcoin has seen amazing price action while Ethereum has been lagging behind.
Finally Ethereum is making moves! Just not in the direction many hoped..
Over the last 24 hours, Ethereum has been knocking out support trendlines one by one. Creating nearly an 8% drop from its local high of $175, and smashing through one its vital support trendlines.
The break in these trendlines in combination with the Bitcoin price action has led me to believe that we may be starting a correction wave.
If this is indeed the start of a correction wave, I expect further breakdown to follow.
Currently most oscillators are bottomed or overextended on lower timeframes. Therefore we may get a little upward movement to restest the recently broken trendline.
My plan of action:
I am hoping to get a small short entry around 167.
Currently my first target will be 154 followed by the Harmonic Anti-Alternative Shark completion at 142.
Long Term:
Until the bottom major trendline is broken. I see no reason to turn full bear. The crypto market has seen quite the turn around since the bottom.
Just remember:
Corrections are needed for more upward movement :)
Creator of DepthHouse Indicators on TradingView!
↣ depthhouse.com/
↣ depthhouse.com/
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