Ethereum Elliott Wave analysis for 20/02/2019:
No need to come down yet?
Technical market overview:
The ETH/USD pair has made a new local high at the level of 149.75 and is currently hovering around this level in a narrow horizontal range. The momentum was very solid behind this move up, but it still looks like the wave (c) of the overall corrective cycle in the wave B, so the momentum is coming off the overbought levels. Moreover, this might be the top for wave B, so the wave C to the downside might be unfolding soon. Any violation of the orange trend line will support the view that the top for wave B is in place already.
The nearest technical support is seen at the level of 140, 83 and 140.00 and then at 135.47, but the market might still try to break through the local high at the level of 149.75 before the deeper correction or the downtrend resumption will take place.
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 yesterday should now be closed with profit, so well done everyone who traded the local pull-backs on the way to 149.75. The more aggressive traders might try to short the ETH as close as possible to the level of 149.75 with a tight protective stop loss and wait for the price to hit the level of 140.83, 140.00 or 135.47. Any violation of the last mentioned level will only accelerate the sell-off towards the level of 127.41.
