My analysis was right - ETH finished the wave 5 above 790 $ but below 860$ - this was the mentioned profit - take zone.
We´re now in the corrective wave A, perhaps just entered the motive wave b.
Whether ETH will describe a abcde or a abc correction, both could lead to a new buy zone between 620$ and 680$.
We have taken out the money and wait for new clear buy signals.
RSI has crossed the trendline - confirmation for the turning point. It is now in bearish zone but still not oversold.
ADX has passed the top and is on its way to lower levels.
For HODLER: I do not expect a new low (lower than the beginning of the last rally)
This is no trading advice!!
We´re now in the corrective wave A, perhaps just entered the motive wave b.
Whether ETH will describe a abcde or a abc correction, both could lead to a new buy zone between 620$ and 680$.
We have taken out the money and wait for new clear buy signals.
RSI has crossed the trendline - confirmation for the turning point. It is now in bearish zone but still not oversold.
ADX has passed the top and is on its way to lower levels.
For HODLER: I do not expect a new low (lower than the beginning of the last rally)
This is no trading advice!!
Trade active:
Trade active:
Comment:
Comment:
two possibilities from todays view:
a) negative
ETH stays in corrective mode, actually wave e which could lead to ~ 565$ (fib retracement 23.6%)
b) positive
ETH has entered the motive waves 12345 - in this case we´ve entered correcitve wave 2
decision zone: if ETH falls under 700$ it is more likely that we´re in scenario a
if ETH continues to fib retracement 38,2% it is more likely that we´re in scenario b
this movement should be confirmed by a rising RSI which crosses the trend line
a) negative
ETH stays in corrective mode, actually wave e which could lead to ~ 565$ (fib retracement 23.6%)
b) positive
ETH has entered the motive waves 12345 - in this case we´ve entered correcitve wave 2
decision zone: if ETH falls under 700$ it is more likely that we´re in scenario a
if ETH continues to fib retracement 38,2% it is more likely that we´re in scenario b
this movement should be confirmed by a rising RSI which crosses the trend line
Comment:
Comment:
today we´ll see if ETH follows the 12345 motive waves - or the corrective waves (see chart above).
Comment:
Comment:
Still not sure, if ETH is in 12345 motive waves or in ABCDE corrective waves.
RSI is negative - confirming the corrective scenario - which could lead in this case to new lows.
If ETH crosses the negative channel to the top (and we´re at the limit) I think we would be in the positive motive scenario.
Before stepping in I would wait the next movement - continue within the chanell (negative) or leaving it to the top (positive)?
A good sign would be if RSI crosses the trendline to the top and MACD would turn to positive.
So be patient for a while and watch.
RSI is negative - confirming the corrective scenario - which could lead in this case to new lows.
If ETH crosses the negative channel to the top (and we´re at the limit) I think we would be in the positive motive scenario.
Before stepping in I would wait the next movement - continue within the chanell (negative) or leaving it to the top (positive)?
A good sign would be if RSI crosses the trendline to the top and MACD would turn to positive.
So be patient for a while and watch.
MACD negative - perhaps turning soon.
RSI bearish - but with the next rise the trend could be broken.
If EW give the direction for the next movement, ETH has to fall below 680$ - or my EW-analysis is false.
If ETH climbs above the fib retracement and stays there - then the correction could be at its end.