ETH ripe for correction, Short-term short, Long-term Bull
Updated
Outlook:
2H timeframe showing early indicators of possible correction.
MACD, strong divergence, declining volume and squeeze indicator showing a good short set up on 2H timeframe.
Depending on risk management, may wait for 4H, and 6H confirmation.
Late confirmation will be breaking through the barrier at fib 1 (1942.71).
FOMO buy of Paypal Pump of 3/30 caused latest break through ATH at 2000 level.
Pressure seems to be easing for a healthy correction.
Long-term remains bullish.
Current PO position:
Short @ 40k ~ $2000 avg price
Key watch points:
Fib 1.0 (1942.71) -- Confirmation we're in a short position.
Short outlook:
Expect to mirror fib 1.618 to .618 at 1790.
Always check indicators at key support lines for trend deviations.
Long term outlook:
Team Poidog Official still remains bullish on ETH after a healthy correction to .618 fib.
*** not financial advice ***
If you appreciated this analysis, leave a thumbs up and let us know your position.
2H timeframe showing early indicators of possible correction.
MACD, strong divergence, declining volume and squeeze indicator showing a good short set up on 2H timeframe.
Depending on risk management, may wait for 4H, and 6H confirmation.
Late confirmation will be breaking through the barrier at fib 1 (1942.71).
FOMO buy of Paypal Pump of 3/30 caused latest break through ATH at 2000 level.
Pressure seems to be easing for a healthy correction.
Long-term remains bullish.
Current PO position:
Short @ 40k ~ $2000 avg price
Key watch points:
Fib 1.0 (1942.71) -- Confirmation we're in a short position.
Short outlook:
Expect to mirror fib 1.618 to .618 at 1790.
Always check indicators at key support lines for trend deviations.
Long term outlook:
Team Poidog Official still remains bullish on ETH after a healthy correction to .618 fib.
*** not financial advice ***
If you appreciated this analysis, leave a thumbs up and let us know your position.
Note
As predicted had a small correction on 4/7. I expect a bigger correction down to ~1850 level before continuing on a bull trend. Strong support at 2100 and 2000. 1950 is next support line. Ask questions in comments below.
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.