Ethereum Elliott Wave analysis for 11/02/2019


Technical market overview:

The ETH/USD pair has broken out of the horizontal consolidation and on the way up the technical resistance zone located at 108.46 – 110.33 (now support) had been clearly violated. The price had made a new local high at the level of 124.10 before the local pull-back has started. The pull-back has not been finished yet as the target for bears is seen at the level of 112.15 or even 110.33. There is a clear bearish divergence between the wave (a) and wave (c) highs, so this supports the short-term bearish outlook.

Weekly Pivot Points:

WR3 – 149.94

WR2 – 135.39

WR1 – 127.42

Weekly Pivot – 112.16

WS1 – 105.12

WS2 – 90.45

WS3 – 82.23

Trading recommendations:

The pair is might have completed the upward corrective cycle, so only the sell orders should be opened as close as possible to the level of 120.81 – 124.10 with a protective stop loss placed above the level of 124.61. The target is the technical support at the level of 112.15 and 110.33.

The material has been provided by InstaForex Company –

Source:: Ethereum Elliott Wave analysis for 11/02/2019

Won't your trader friends like this?
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