ETH similar to BTC is looking bearish. Broke down and formed a flag. Perfect short setup down to lows of 2018.
Commento:
ETH is looking interesting. I wouldn't be taking shorts here anymore. More interested to buy or take long positions on the next dip.
5 waves look complete.
The current structure is looking like an ending diagonal. It can make one more push up then breakdown for a larger correction before taking off.
5 waves look complete.
The current structure is looking like an ending diagonal. It can make one more push up then breakdown for a larger correction before taking off.
Commento:
Alternatively it can be the B wave of an expanding or running flat.
In which case, expect something like this -
In which case, expect something like this -
Commento:
Easy BTFD trade here and exactly why I closed short trades on ETH.
The X wave was an expanding flat, which completed its C wave now.
Expect another 3 wave move down for retest of the lows atleast.
The X wave was an expanding flat, which completed its C wave now.
Expect another 3 wave move down for retest of the lows atleast.
This has much clearer waves compared to the BTC chart and we might doing a larger correction here of the leg down before we get another move down. Need to have either 3 waves or 5 waves when the market moves. Expect atleast a retest of the lows or slightly new lows to be made.