Unless ETH breaks this descending channel in the next 1-2 days..
Updated
We can see lower highs and lower lows forming in all short term timeframes. Unless ETH breaks this descending channel in the next 1-2 days, the eth bull run is over (normally a 2 day retracement is not a bad thing after such a bull run, but considering Eth futures launch on 8th Feb... Expect very high volatility). I highlight a potential small daytrade long entry at the 0.382 fibonacci level (1289.7) which also lines up with the descending channel support, with a stop loss just below the local demand zone. I would short the top of the channel and long the bottom of the channel (tight stop loss on long in case it crashes harder than expected).
In summary: Short term (next couple of days), I'm short, unless i see this pattern breaking. After that I would stay out of the market to see how Eth will react to futures launch.
In summary: Short term (next couple of days), I'm short, unless i see this pattern breaking. After that I would stay out of the market to see how Eth will react to futures launch.
Note
As we can see from this image of ETH/EUR, BTC/EUR, ETH/BTC, all 3 pairs are currently on an ascending channel for the last 3 days. This does not mean we should go long yet. BUT, if the ascending channels continue and they break the highlighted key resistances, we can see a BTC breakout and then a continuation of the ETH breakout.
Note
Breakout confirmed, and also broke out of key level of 1410. I now use 1400 as my stoploss.
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