Technical Analysis ETHUSD 05/06/2018

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The cryptocurrency price is expected to tumble

In chart H1, the ETH price officially escaped the Elliott Impulsive Wave marked with number (4) and has entered the final Elliott Declining Pattern including three Elliott Correction Wave marked with (A), (B) and (C). Today (Tuesday, June 5th), the cryptocurrency price is expected to tumble around $570 before bouncing back slightly so as to re-test the resistance line around $595, then a downward movement to $541 may take place. However, market should observe closely this resistance level since the selling force seems to have accumulated strength, resulting in the possible significant tumble of the ETH price.

ETHUSD 05062018

According to chart H4, we expect that after a short-lived downtrend, it is possible for the ETH price to rocket wildly to the Fibonacci Extension level of 61.8% (at $622) on Wednesday (June 6th). If it really happens, the cryptocurrency price will cross above the upper trend line more than 5% over the breakout point, confirming the uptrend move after a long-term bearish channel. However, we need more hints to know the exact ETH price direction.

Written by nami.today

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