The previous move was a retest of the pennant flag at around. ETH currently bounced on a key technical level at $365.
Which is currently maintaing(AS SHOWN BELOW the blue rectangle)
THE CURRENT MOVE Using the cloud setting
The Ichimoku Cloud uses four metrics to determine if a trend exists; the current Price in relation to the Cloud, the Tenkan (T the blue line) and Kijun (K red line) cross, and the Lagging Span(green line)
Price is moving down so fast and currently calling for a pull back to the Kijun (red line) TK disequilibrium really displayed showing that price is fully oversold at the Tenkan.
A long reversal trade opportunity is calling as C-Clamp trade has formed between the Tenkan and Kijun lines indicating Price being oversold, which is currently the case.
A pull back to the Kijun (red line) which is always the 0.5fib retracement level and always where the price targets. before a possible cloud break as indicated on the chart.and its price targets. With a rectangular movement down more like a descending channel, with 2 diagonal resistance and support levels and current ranging between $371- $470. With the use of Fibinacci retracement ratio, price will always move to 0.5fib level. as shown below
TECHNICLS SUGGESTS that price will bounce back to the two targets, if trend continue with the way it is going.
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.