We can see that the upmoves on 4H chart are getting pushed down and the volume is low. This most likely means that the institutions/professional traders are setting up short positions from the bounces, using the liquidity from the retail traders who lose money with FOMO longs and triggered stop-losses.
So from this short-term prediction, ETH will retest $112-$114 area.
Hello - a quick update on Bitcoin.
This can be wishful thinking, but it does seem like, that as of today (28.01.2019) Bitcoin broke the diamond formation and can strive lower. This means that it will be possible to short it after the breakout is confirmed.
Nevertheless, this market is manipulated and there can be short squeezes, which, in my opinion, can happen...
If Elliott Wave ABCDE correction goes according to the chart, then it goes as follows:
First, BTC goes to $3900 to $4000. It then drops and breaks the triangle, retests and possibly hits the $3150 support (December low, you can put your take profits in there) and completes Wave 3 as a longer scale movement.
So the entry on the short side - breaking the $3500...
If everthing goes according to the chart, then it's pretty simple:
From here on, BTC goes to $3900 to $4000, then drops and breaks the triangle, possibly breaking the $3150 support (December low) and completing Wave 3.
So the entry on the short side - breaking the $3500 price level, would happen around the beginning of February (implying that BTC will hit...
SPX has made a good recovery after the initial drop to 2346.58 and it has been closing in green for days and even weeks. However... we, as traders, should pay attention and not waste our capital.
Things to pay attention to (bullish):
SPX is in a moderate support/resistance area. It has broken out for the moment, but in order to confirm that and expect another...
One very simple signal with 50 and 100EMA - they are crossing. ETH already did it, BTC is following. This gives us the possibility to short both the BTC and ETH.
Just be careful and place stops. When BTC reaches above $4000 again, then we need more time to see if the cross on BTC will play out or not.
