ETHUSD Technical Analysis UPDATE @ $580 - Feb 5th 2018

https://steemit.com/ethereum/@jagr/ethusd-technical-analysis-update-usd708-feb-5th-2018 UPDATE

Alrite. So, what's happened since my last post. We last had the railway track reversal candle formation along with the 61.8% fib retracement bounce. THEN, we had a full reversal of the railway track candle stick, which now almost looks like a bearish engulfing to me (further bearish signal).

I entered in an ETH trade today, because a few of my signals were triggered - see previous post. But, remember TA is not a perfect science. It's an art. My next course of action is monitor this until it reaches another support level.

and where is that?

At the 78.6% fib retracement level. Around $460. Again, it's possible that price action could blast through this support and trigger further selling. I cannot call the bottoms. I just look for established support along with supporting indicators for possible points of entry.

Sorry, I realize that image was not the best. Here's the daily. You will see a period of consolidation that happened back in Nov/Dec around$460, our 78.6% fib retracement level. I expect some buying volume to come in here.