Today I wanted to jump on the High Caps and give Ya'll my thoughts moving forward. With that being said, let's get right into this!
Since 2018 we have been retracing into the 4 wave of Eth's cycle. I have noticed many traders calling for higher highs to come however, It's important to look at whats currently happening at resistance. The sell off from $215 to $75 saw us smash through support. what were seeing now is price rejecting off resistance at the $160 range. It is possible we make another leg up however this will not be my primary count.
Below I have labeled my buy zone for what i expect to be capitulation inside Ethereums market which takes us to $50. Based off my wave count we still have a 5 wave that needs to be complete before we can say the C leg is finished inside the ABC retrace. Remember, for every ABC retrace there must be 5 waves down in the C leg.
I will keep this updated as price plays out its next move. BTC charts show more hope which is why i think its possible we see the Dollar pair and BTC pairs distance themselves from each other in the coming future.