Ethereum Crown Reversal Long on the 1HR

Possible crown reversal zone ahead between $307 and $304. We should see a reversal here as RSI is heavily oversold. Targets to the upside are $360, $373, and $382. If you want to go conservative, try $320, $335 and $350.

Alternatively, we have a fibo extension to the downside at $290, a fibo level at $274, and a daily target at $262.

My strategy also includes analyzing the ETHBTC chart:

Cheers and GLWT!
Erik.

Note

Retraced fully to the extension in the ETHUSD chart! Hourly target is now higher ;)

Nice form in the ETHBTC chart tho!

Note

Lower high and higher low? Which way!? Current bias is to the downside I think as we haven't made it over the sub-key fibo...

Falling wedge broke to the downside, and hit the fibo extension in the ETHBTC chart. This is the source of weakness in the ETHUSD chart, but will it continue? RSI is oversold. If we stabilize here, that means we need to expect weakness in the BTCUSD chart...See what I'm saying? Or maybe...bulls are waiting for selling pressure, to jump in and take control... hmmmm

Note

Doesn't look good, unless we get a nice bounce in the ETHBTC chart!

Hit another fibo extension target and broke through the uptrend line :(

Note

We are still trading within the descending channel. Any trades here are countercyclical atm. Up or down?

Almost hit the trading range support here. Big resistance if it wants to go back up on BTC weakness.

Trader6127

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