ETH - possible reversal....
ETH - pretty damn close to meeting my harmonic target - not a textbook defined harmonic but one with a set of retracements I recognised from charting LINK. (Randomly!)
I would expect a rebound from a harmonic which has met support (78.6 of larger move) initially to 50% of the CD leg - i.e. around 0.063, which coincides with the 61.8% fib on the larger move and the longer term downtrend which treats A as a fakeout. However there are various resistances between.
In addition, we are seeing similar oversold levels on this daily chart as we saw at B, and bullish RSI divergence. ADX remains a concern with the bearish trend still evidenced.
I would expect a rebound from a harmonic which has met support (78.6 of larger move) initially to 50% of the CD leg - i.e. around 0.063, which coincides with the 61.8% fib on the larger move and the longer term downtrend which treats A as a fakeout. However there are various resistances between.
In addition, we are seeing similar oversold levels on this daily chart as we saw at B, and bullish RSI divergence. ADX remains a concern with the bearish trend still evidenced.
Komen:
Also check out my hourly analysis
Come say hi @elisa_crypto on twitter!
