A small pullback
I've been watching ETH in a while now, and I think the descending process has started - Right now on the local 1. wave and probably turning up to the local 2. wave as we speak. To confirm the last one I've added a global FIB circle and trying to make it match the pivot points (At least five pivot points in this case). This gives us a resistance circle (0,5 fib) and several support circles (0,786 fib, 0,886 fib and 1,0 fib - Respectively point 1, 3 and 5). We also see that the 0,618 fib circle is supporting several places - also in the current situation. And because of that reason I think it will raise again some days (Target: 734$) before it will descend again (towards point 5). In other words I'm short in a longtime perspective.
Note
Head and Shoulder Pattern next?? Trade active
It's time to short it.Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.