ETHUSD; Hammertime?
This coin has correctes 61.8% now of the bull-move that started on april first. This percentage is considered the last Fibonacci level where a countermove can be called a correction. Bulls have defended this level (around 542) and a hammer appeard on this daily chart.
A hammer (market opens, tests lower prices but closes close to the opneing again) could be a bottom sign. In this market however hammers do not have a good track recored recently (see arrows). It should be noted that context is important; chances get better if a good downmove was seen before. Also, to better chances, a close above the high of the hammer is needed (above 609 in this case).
With the 61.8% correction in mind and the fact that the low end of the bearchannel has been tested, once could see a try to return north short-term. But as always, the string of lower highs and lows has to be broken in order to shift momentum, in this case a move over 750, pretty far away for now.
For now it is likely to see one more hammer test where market could hit 555/542 once more whereafter a move to the top end of the bearchannel can be seen (mid 600's).
A hammer (market opens, tests lower prices but closes close to the opneing again) could be a bottom sign. In this market however hammers do not have a good track recored recently (see arrows). It should be noted that context is important; chances get better if a good downmove was seen before. Also, to better chances, a close above the high of the hammer is needed (above 609 in this case).
With the 61.8% correction in mind and the fact that the low end of the bearchannel has been tested, once could see a try to return north short-term. But as always, the string of lower highs and lows has to be broken in order to shift momentum, in this case a move over 750, pretty far away for now.
For now it is likely to see one more hammer test where market could hit 555/542 once more whereafter a move to the top end of the bearchannel can be seen (mid 600's).
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