Ethereum Elliott Wave analysis for 18/02/2019:
Wave C is getting extended to the upside, 61% Fibo has been hit.
Technical market overview:
The ETH/USD pair has hit the 61% Fibonacci retracement at the level of $134,62 and made a new higher high at the level of 138.25 at the time of writing. The move up is the anticipated wave (c) in the making, but the market might be very close to terminate the upwards corrective cycle in wave B and the downtrend will return. Moreover, there is an orange trend line dynamic resistance around the level of $136. In a case of a further up move extension, the next target is seen at the level of 142.22 - 145.50 zone.
Weekly Pivot Points:
WR3 - $158
WR2 - $149
WR1 - $138
Weekly Pivot - $126
WS1 - $118
WS2 - $106
WS3 - $99
Trading recommendations:
All of the buy orders that were bought during last week in the buyback zone are now closed with profit at the level of $134.62. If you still have any open by orders, the next targets are seen at the levels of $140.00 and $142.22. Daytraders should try to buy the ETH on the local corrections.
