Ethereum Elliott Wave analysis for 01/02/2019:
Resistance was defended, time for another test of the wave A bottom?
Technical market overview:
The technical resistance zone at the level of 108.46 - 109. 50 was too strong for bulls to break through and the price reversed towards the nearest technical support which is seen at the level of 100.15 (wave A bottom). This move down might be considered as the wave (b) of a lesser degree, so this indicates there is still one more wave to the upside to be completed wave (c)). The momentum is lower on the way down, which indicates the bears are not that much convinced either. All in all the price might now enter a cycle of a horizontal consolidation.
Weekly Pivot Points:
WR3 - 128.11
WR2 - 123.01
WR1 - 116.51
Weekly Pivot - 111.61
WS1 - 105.04
WS2 - 99.74
WS3 - 93.46
Trading recommendations:
The aggressive short should be closed now with profit at the level of 104.59, well done. However, the situation is not that clear currently and there is no clear trading setup now, so more conservative traders should wait for the market to make up its mind.
