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ETHUSD (Ethereum) Heading Lower to $565-550 Channel

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Ethereum (BITTREX:ETHUSD)  
UnknownUnicorn1613901  
BITTREX:ETHUSD   Ethereum
Chart Patterns Technical Indicators Wave Analysis Ethereum (Cryptocurrency) ethereumusd ethusdshort elliottwaveprojection elliottwaveretracement elliottwavecorrection tradingconfluences paralelkanal andrewslines
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chartpattern indicator waveanalysis ethereum ethereumusd ethusdshort elliottwaveprojection elliottwaveretracement elliottwavecorrection tradingconfluences paralelkanal andrewslines
ETHUSD Heading Lower to $565-550 MMansfield. 9:00 p.m. EST 04/30/18

Ethereum should tag the lower channel line within 48 hours or less.

REASONING:
  • We saw mostly declining volume into the retracement high that failed to make a new high (labeled Wave B).

  • The WT Cross indicator showed divergence at the $721 high, and the MACD (3,10,9) followed with clear intra-wave divergence at the $703.99 retracement high.

  • Lower targets are at least $565-550, channel line that is also near the Wolf Wave Wave 2 to Wave 4 trendline for added confluence of support.

  • ETH may drop to $511 area, but if $495 is broken on the downside, then a further bull move could be in trouble!


    DISCLOSURE:
    This analysis is meant for educational purposes only. You trade at your own risk!

    Michael Mansfield CIO
Penafian

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