Elliott Wave analysis of Ethereum for 05/04/2019

analytics5ca6f5c133539.jpg

Technical market overview:

The ETH/USD pair has been unfolding the wave 4 corrective cycle after the top for the wave 3 at the level of 177.13. So far the correction was very deep and sudden, so it indicates a form of a ZigZag pattern or even a part of a Triangle pattern, which is very characteristic for this kind of correction. The low was made at the level of 151.02, just a little below the technical support at the level of 152.01. the bounce from this level was quick as well and now the market traders around the level of 160.00. The correction continues.

Weekly Pivot Points:

WR3 – $163.07

WR2 – $154.26

WR1 – $146.96

Weekly Pivot – $137.84

WS1 – $131.51

WS2 – $121.49

WS3 – $115.39

Trading recommendations:

The corrective cycle is still unfolding and the main impulsive cycle is not completed yet, so only buy orders should be opened. The main technical support and a good level to place the protective stop-loss orders for bulls is seen at 151.00.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Elliott Wave analysis of Ethereum for 05/04/2019

Won't your trader friends like this?
InstaForex
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply

*