Ethereum Elliott Wave analysis for 29/01/2019:
The projected target zone has been hit, bounce expected now
The ETH/USD pair has just hit the projected target zone at the level of 100.15 (the actual low was made at 99.21), so the wave A of the correction might be considered done. The market should now bounce towards the technical resistance at the level of 108.46.
It is worth to mention, that the last wave of the clear and visible bullish divergence between the price and the momentum indicates the bounce up as well. The divergence is made between wave 3 and wave 5 of the recent decline.
Trading recommendations:
All sell orders have hit the projected target zone and now should be closed in profit. Traders should wait for the market to bounce up towards the technical resistance as see whether the bears will push the price lower again or not. Right now is not a good time to trade, is way better to stay aside and observe the market behavior for a while.
