We are now at the bottom of the channel as we can see the prior tests of the channel top & bottom TL's validate the trend lines I've drawn for ETH HTF LT channel. The recent 2 tests at the top of the channel resulted in a failed break out, ETH entered into a bull flag which I thought the pattern would break out especially after a test of the bottom flag trend line. But ETH nuked to the bottom of the most recent 5 up to $4,800 wave 2 which was $2,600. ETH didn't stay there long as that level failed quickly invalidating another EW rule that the trend correction after 5up should end at the start of w 2 of the prior advancement.
Now we are at the bottom TL of the channel established back in early 2021 but still have not tested weekly 100 ema around $2,100. ETH does not have to test that ema but seems likely that as we finally establish a bottom and any bearish pressure should result in the test of that ema 100 weekly TF. After the next couple days I would assume we will get our answer. Is bottom in at the bottom channel tested support or do we need to hit $2,100. Either way I remain long and strong with much higher targets. My entry was $600 in 2020. GL guys.
Now we are at the bottom TL of the channel established back in early 2021 but still have not tested weekly 100 ema around $2,100. ETH does not have to test that ema but seems likely that as we finally establish a bottom and any bearish pressure should result in the test of that ema 100 weekly TF. After the next couple days I would assume we will get our answer. Is bottom in at the bottom channel tested support or do we need to hit $2,100. Either way I remain long and strong with much higher targets. My entry was $600 in 2020. GL guys.