BITFINEX:ETHUSD   Ethereum / U.S. Dollar
ETH follows BTC             path, both are very similar. I see ETH reaching about $1 000 before going down and my reasoning behind it is quite simple. BTC             is doing a 5th wave and so is ETH. ETH got a lot to square up at the 720-580 level. That level is a good re-entry but if we use a logical approach based off the fact that ETH and BTC             move together ( BTC             being in control and ETH following) Then the .5 FIB retracement make a bit more sense especially considering its on a major level.

I believe BTC             is going to do a 5th wave starting at around $11 000-11 500 and drop all the way down to the $4 000 area before starting its ascension to ATH             and for that reason I am seeing ETH dropping lower than what it dropped to on the 5th of February (when BTC             dropped to $5 900). Call me crazy but I have predicted the BTC             bottom at the beginning of the month when everyone else thought BTC             would never drop under $10 000. I called it and I was right. I called it based off of Elliott Waves and I have been right so far. I am now predicting the 5th and last wave.

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ok analysis, good idea.
im saying "nah fam."
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Denzoss itux82
@itux82, Okay
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New to TA. Can you please tell me how you are getting those Fibb Numbers? What prices are you using? Low and High please
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Can we see this elliot wave count?
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I think the volume is really telling for the direction we are moving (maybe why you left it out?) the strength of this bounce and volume nullify the possibility of a bull trap and further strengthen the possibility of a prolonged bull run.
+1 Reply
@Denzoss
Nice chart mate.
Keep being realistic as situation requires since we are in bear market.
Regards and all the best
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looks about right
+1 Reply
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