Analysis:
Last week we went through the importance of Fib. retracements, and importantly the .786% describing as the last line of defence before a new trend could take place. At $200 ETH bounced with good momentum. We are now re-testing the previous support turned resistance at $300 level. In Elliott Wave pattern, it seems the price moves from the beginning of Sept. to present day has been a corrective move. While a corrective move suggest that a price move higher or all time high should manifest, the corrective move could still stagnate sideways until a breakout can be had. So the best way to watch is to be aware of the signal and where its at.
Foot Note:
-RIGHT CLICK ON IMAGE AND OPEN IN ANOTHER TAB TO SEE FULL RESOLUTION-
When analyzing this chart, you will notice the Slow Stochastics indicator. I find this indicator to be the complete indicator compared to the vast majority out there. Lets explore the terms I will be using. Also use the indicator based on its respective time-frame:
Time-Frame:
1 hour - Lasts 1 hour - Few days
Daily - Last Days - Week(s)
Weekly - Last Week(s) to Month(s)
Term used:
OB - OverBought (above 80)
OS - OverSold (Below 20)
Bullish - Above 50
Bearish - Below 50
Trend - Cross up in both channel line or Cross down in both channel line.
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