ETHUSD - 10/8 - Bearish Pressure Continues in the Short Term
Updated
Since reaching a height of 4868.8 in November 2021, the value of Ethereum has seen an 81.9% depreciation and an enormous amount of selling pressure from the market. For the next week, I believe that bearish bias will continue and we will see further downward pressure on ETHUSD.
On the 4H timeframe, Current price action is in a downtrend and has formed a 38.2% fib pullback with TP1 @ 1398.7. On minor structure, previous price action completed a 61.8% fib after hitting TP2 @ 1754.6 and sharply reversing. Current price action is selling off and has formed a 23.6% pullback with TP1 @ 1568.7.
My plan is to SELL with TP1 @ 1398.7 and TP2 @ 1568.7
On the 4H timeframe, Current price action is in a downtrend and has formed a 38.2% fib pullback with TP1 @ 1398.7. On minor structure, previous price action completed a 61.8% fib after hitting TP2 @ 1754.6 and sharply reversing. Current price action is selling off and has formed a 23.6% pullback with TP1 @ 1568.7.
My plan is to SELL with TP1 @ 1398.7 and TP2 @ 1568.7
Note
Just for clarification, TP1 is at 1568.7 and TP2 is at 1398.7. I just caught this error a few days after posting this analysis.Order cancelled
So far this is the only markup I've gotten wrong. Price reversed and pushed higher instead of a short term sell off
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