This crypto dump may have been caused by Bitmain news, that the founder/co-ceo Jihan Wu has resigned or was fired.
But then again, crypto does not ''need'' a reason to dump or spike. Yet the timing of that news hitting internet is too close.
Or maybe it was caused by the ETC hack that others have proclaimed to the be the cause of latest move.
Regardless, I just measure the "Impulse".
Which provides a forecast of the "Ripples".
The ripples then determine the "Waves".
Currently it seems we have one more leg down to go.
The Red fib plots the Ripples from the Impulse at 160.
The Green zones are confluences of various ripples.
Lets see how this plays out.
I will be watching the zones.
I will update as price moves.
My ETH journey started a Fib observation from the bottom
Once that played out, I was looking for the retrace zones to enter long again
Above zones played out and as bounce progressed I saw 152 and 156 as possible targets
Then I saw the top coming, sold, and was looking for re-entry zones:
Got some long scalps in per above plan, then I saw another leg down to come
So next was plan to look for retrace zones to buy back in:
Then I saw a distinct resistance that should have been harder to break:
The above ''Line in the Sand'' broke, but I dont think it should have. So am now expecting a retest
First zone was breached, now acting as resistance
Closeup shows the zone to be definitely relevant
Closer inspection shows a near perfect 4.236 wave. Now trapped under the 3.618. Bulls need to hold at least the 2.618 to keep the local uptrend going.
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was hoping for a little more gradual grind into the zone ....
Any advice when to enter !?
Possibly below 600
Didn’t get it at .21
So it’s not worth and dangerous zone to enter