Tuesday update - Alt.(i) still possible...
Unfortunately, Ethereum doesn’t give us more clues than bitcoin already did, in Ethereum we are convinced that the wave (i) top is already in place. The chart movements since January 21st just point towards a corrective a-b-c movement, we wrote about this already last week and don’t have anything more to add to this.
The only possible difference between bitcoin and Ethereum could be that the price may have established one or two bearish wave (i) wave (ii) setups. As most of you know, a wave (c) moves in a 5 impulse and those two bearish wave setups could create enough momentum to push the price below 1500$ again…
We are tracking this possible setup in a micro count, however it is too early to speculate on such a setup, and we will post this microcount here if we think that this scenario gains in probability.
Additionally we want to highlight that our scenario of a possible rally towards 1800$ is still possible, we will update everyone on here accordingly.
Don’t get bored by the slower movements in both Bitcoin and Ethereum and stay tuned for future updates, we could see a return of momentum in this week!
Please note that we are already invested in Ethereum since the 15th of June, back then we announced our first positions here on tradingview.
If you should have any questions whatsoever, you can write a comment or contact me directly!
Long Ethereum (ETHUSD)
AVERAGE EXECUTION PRICE: 1’057.6$
STOP-LOSS: NONE
LONGERM Target: +8’000$
The only possible difference between bitcoin and Ethereum could be that the price may have established one or two bearish wave (i) wave (ii) setups. As most of you know, a wave (c) moves in a 5 impulse and those two bearish wave setups could create enough momentum to push the price below 1500$ again…
We are tracking this possible setup in a micro count, however it is too early to speculate on such a setup, and we will post this microcount here if we think that this scenario gains in probability.
Additionally we want to highlight that our scenario of a possible rally towards 1800$ is still possible, we will update everyone on here accordingly.
Don’t get bored by the slower movements in both Bitcoin and Ethereum and stay tuned for future updates, we could see a return of momentum in this week!
Please note that we are already invested in Ethereum since the 15th of June, back then we announced our first positions here on tradingview.
If you should have any questions whatsoever, you can write a comment or contact me directly!
Long Ethereum (ETHUSD)
AVERAGE EXECUTION PRICE: 1’057.6$
STOP-LOSS: NONE
LONGERM Target: +8’000$
If you should have any questions regarding our analysis or elliot wave counts feel free to contact us.
Much has been said in our bitcoin update, which we posted a few minutes ago. Ethereum managed to build up enough bearish momentum and established a bearish wave (i) wave (ii) setup.
The pressure of this wave (iii) now unloads, and we estimate that this movement has further potential on the downside. The price should enter our orange zone and the first target is at 1519$, however we think that further extensions such as the one at 1477$ will be touched.
For everyone who wants to expand their long positions, we will announce a buy zone in the upcoming days, and we will publish our acquisitions too! Don’t panic right now, this is a healthy correction which will build a sustainable foundation for further price increases.
Be very careful in the next days because we could change our count and stay tuned for future updates!
VERY IMPORTANT:
We wrote about our alt.(c) before and I can't stress this enough…
If the market keeps up this immense bullish power of the past months, it could be that we only get a small setback in this wave movement and bitcoin could start its bullish wave (iii) marked in blue sooner!