Elliott Wave Analysis TradingLounge Daily Chart, Monday, July 31

Pexels

Ethereum/U.S. Dollar (ETH-X)

ETHUSD Elliott Wave Technical Analysis 

Function: Reactionary (Counter Trend)

Mode: Corrective

Structure: Zigzag

Position: Wave (C)

Direction Next higher Degrees: wave ((2)) of Motive

Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))

Wave Cancel invalid level: 1620.15

Ethereum/U.S. Dollar (ETHUSD)Trading Strategy: It appears that the correction in wave (2) blue has sufficient retracement levels. There is a possibility that the price will end at the level of 1833.39 and a five-wave rise will confirm this idea.

Ethereum/U.S. Dollar (ETHUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillator are Bearish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, Monday, July 31

Ethereum/U.S. Dollar (ETHUSD)

ETHUSD Elliott Wave Technical Analysis 

Function: Reactionary (Counter Trend)

Mode: Corrective

Structure: Zigzag

Position: Wave (C)

Direction Next higher Degrees: wave ((2)) of Motive

Details: We are considering ending wave ((2)) from rising above 1905.41 level.

Wave Cancel invalid level: 1620.15

Ethereum/U.S. Dollar (ETHUSD)Trading Strategy: It appears that the correction in wave (2) blue has sufficient retracement levels. There is a possibility that the price will end at the level of 1833.39, a five-wave rise and a break of 1905.41 will confirm this idea.

Ethereum/U.S. Dollar (ETHUSD)Technical Indicators: The price is Below the MA200 indicating a Down trend, Wave Oscillator are bullish momentum.

More By This Author:

Nasdaq Stock Market Reports: Elliott Wave Analysis For Tech Stock Trading Opportunities
Elliott Wave Technical Analysis: Monster Beverage Corp. - Friday, July 28
Elliott Wave Technical Analysis 4 Hour Chart: Euro/U.S. Dollar