The above chart of Ethereum look to me like we're about to enter the iii of 3 down. This is something the US Markets entered into about a week ago and are about to finish. Crypto has been tightly correlated to the swings of risk assets for the better part of a year now. But I must, this consolidation near the lows has been frustrating. Nonetheless, I stand by analysis and will say with a high degree of certainty that the consolidation pattern is not a bullish pattern.
Like the markets I expect this primary wave 3 of 5 of C of Cycle wave 2 should breach the lows. I expect Ethereum will reconcile much lower. Any advance in price should be looked at as a potential short entry.
As for me, I am not desperate to trade Crypto right now. I am feeling content waiting for the bottom of this pattern from November 2021 to start a new long-term trend of higher prices. I am excited about buying...just not until I can confirm we're bottoming.
PS: I will be off the desk tomorrow for errands associated with Hurricane Ian. I'll be back on Tuesday to update Crypto and the US markets but will answer DM's.
Best to all,
Chris
Like the markets I expect this primary wave 3 of 5 of C of Cycle wave 2 should breach the lows. I expect Ethereum will reconcile much lower. Any advance in price should be looked at as a potential short entry.
As for me, I am not desperate to trade Crypto right now. I am feeling content waiting for the bottom of this pattern from November 2021 to start a new long-term trend of higher prices. I am excited about buying...just not until I can confirm we're bottoming.
PS: I will be off the desk tomorrow for errands associated with Hurricane Ian. I'll be back on Tuesday to update Crypto and the US markets but will answer DM's.
Best to all,
Chris
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