Technical Analysis:
- Ethereum ETH/USD working on its 5th wave down to complete its ABC correction
- .618 fib level at $540 which is the first target down - viable place for a bounce
- Although I am expecting a dip in between .618 and .786 fib levels around $500-$540
- $540 is a good place to start laddering a position
- If it goes up from there you can cost average position ans still be profitable
- If it goes down from there you can cost average position so that you can be profitable at a lower price
- .786 fib level will act as support if it breaks lower than $500
- Stop loss between $435-$445
- Bearish divergence on the MACD - expecting a short term dip in price from here
- Expecting a run past $1000 long term once this correction is complete
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I am not a financial advisor, nor is this intended to be financial advise. I encourage you to do your own research considering this blog is a way for me to document my own personal analysis, charts, trading decisions, and experiences. If you would like to learn more about trading, cryptocurrencies, and the resources I used to learn how to trade and invest, see my previous post - LINK.