dynamik

ETH & Crypto Market with some positive moves over last 24 hours

KRAKEN:ETHUSD   Ethereum / U.S. Dollar
TheDynamikOne here

So crypto had a bounce from its down trend. I'll admit that I wasn't prepared and suffered a little rektoning. But how are we doing now?

I plot Ethereum more vigilantly the BTC currently so that's my play. In my opinion we have now completed a 5 wave upward structure followed by an AB of an ABC correction to the upward movement. THough we have the potential to make more downward movement to complete the strcture, my bias will remain neutral until otherwise proven wrong.

As you can see from the count, Wave 1 was followed by an ABC structure, Wave 3 followed by an ABCDE and Wave 5 was a truncated 5th.

ABC possible to be currently the play, ending with our C wave down. there is strong support of this structure at subwave 5 of wave one, not drawn here but i do feel that the C wave will extend through this support to shake the optimism a little.

Like I said, my bias is neutral but I am still in a short from upper levels that I will be looking to close on the C wave.

If this count holds true, our next structure upwards will be targeting the overhead resistance levels in the 130s to 140s range.

will try to follow up on this as it rolls in.

Let me know what you think

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