Elliott Wave analysis of ETH/USD for 10/04/2019

Technical market overview:

The ETH/USD pair has bounced from the lows around the level of 172.00 and the bulls are again trying to test the recent highs, but the bearish divergence between the price and the momentum oscillator might prevent the uptrend to resume today. The level of the day is the support at 170.35 as any violation of this level would lead to the deeper correction with a target at 159.44.

Weekly Pivot Points:

WR3 - $226

WR2 - $201

WR1 - $186

Weekly Pivot - $162

WS1 - $146

WS2 - $120

WS3 - $106

Trading recommendations:

The market is trying to rally again so the longer-term buy orders should remain open and the protective stop-loss might be moved higher to the level of $170. The daytraders should keep an eye on the level of $177 as any breakout below this level would indicate a deeper correction and further wave (4) development.

analytics5cad881c9c7f5.jpg

The material has been provided by InstaForex Company - www.instaforex.com

Comments