Short

incoming correction?

Updated

the 2 hour chart for ethereum is beginning to show some possible signs of bearish divergence, also visible on the 1 hour. we see an overall uptrend in price, yet volume is falling, macd is crossing, and stoch rsi is putting in lower lows. in my view, there have been some instances where ethereum has lead bitcoin a little the past couple days, however consensus from a lot of traders seems to be the opposite. either way, we could see a bit of a correction coming up before a possible final push to the upper bound of the down channel we are in. as always, this is not advice, just a n00b trying to learn.

Note

an alternative theory is that bitcoin is leading ethereum, as most believe, and then it is possible this little coil on the btcusd hourly chart actually completes itself, bringing litecoin and ethereum along for the ride.

Note

it looks like a bit of both was true: the bulls made an honest run to break out of the channel line, but the buying momentum turned to selling when we broke above the 11000 usd mark. currently we are sitting at the 0.618 fib line measuring from the triple bottom a couple days ago to the peak of the last push (or 0.382 if you measured from the peak down). my gut, and gut only, is thinking there may be another push. if we get rejected again, it may be a small short opportunity with a target below 9.5k, though 50% profit at 9.8k may be wise.

dgcoco

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