https://abacusjournal.com/wp-content/uploads/Vitalik-Buterin-Blur-Background.jpg 640 960 Andrew Parish /wp-content/uploads/logo-header.png Andrew Parish2018-09-14 08:18:082018-09-14 08:18:08Ethereum Price Action Is All Anyone Wants To Talk About; Are More Lower Lows Ahead?
Ethereum played out exactly how we projected the PA to perform after tapping into the M1 supply zone. After a quick consolidation in the zone, we had heavy bull volume come flooding in as America woke up to near 200 prices and a little FOMO kicked in. In the charts, however, it was shown in PA. As a previously resistance line turned support as well as increase in volume plus the pull flag that was formed all were clues for continued upside after initial bull break. How far will we run is the real question.
Diving into the m30 charts we notice bearish divergence forming as well as price entering D1 supply zone. These two factors lead me to believe profit taking will be made and a sell-off may ensue. According to wave analysis, we cannot break 224 or else we invalidate this bearish setup and will also most likely break the bear divergence shown here.
Short targets are shown and we can look to long after support is found. Look for H2-H6 STOCH to reset while price sustaining higher lows to keep upward momentum intact.