ETH bounced at the lower boundary of the pitchfork. It has not quite reached the .382 fibonacci retracement, which sometimes happens when demand is high. There remains a risk that ETH still tests the .382 fib mark.
Elliott:
We can count a complete wave (c) with five subwaves (in green). Should price decline further, we adapt the count to an ending diagonal. If ETH re-accumulates, we count a leading diagonal to time the breakout.
Geometry:
The smaller pitchfork provides resistance, while the lower boundary of the larger pitchfork is likely support. This gives us a triangle (yellow area) in which price could re-accumulate over the next days.
Planets:
As some financial astrologers have pointed out, the lunar eclipse often coincides with a bottom and re-accumulation after a crash. Astrologically, an eclipse means that old things/habits/circumstances culminate and then break down, which gives space for a new beginning.
How I trade it:
My bias is bullish as long ETH does not drop below .382 fib mark (bottom of the blue box). This allows for a ‘fakeout’ in case price drops out of the pitchfork to scare the bulls. The idea is to let ETH re-accumulate and add longs when price breaks back into the smaller pitchfork. This keeps us safe in case we are in a bear market. The intention is to trade the next wave to the upside. A move below the .382 fib mark would invalidate the idea.
Elliott:
We can count a complete wave (c) with five subwaves (in green). Should price decline further, we adapt the count to an ending diagonal. If ETH re-accumulates, we count a leading diagonal to time the breakout.
Geometry:
The smaller pitchfork provides resistance, while the lower boundary of the larger pitchfork is likely support. This gives us a triangle (yellow area) in which price could re-accumulate over the next days.
Planets:
As some financial astrologers have pointed out, the lunar eclipse often coincides with a bottom and re-accumulation after a crash. Astrologically, an eclipse means that old things/habits/circumstances culminate and then break down, which gives space for a new beginning.
How I trade it:
My bias is bullish as long ETH does not drop below .382 fib mark (bottom of the blue box). This allows for a ‘fakeout’ in case price drops out of the pitchfork to scare the bulls. The idea is to let ETH re-accumulate and add longs when price breaks back into the smaller pitchfork. This keeps us safe in case we are in a bear market. The intention is to trade the next wave to the upside. A move below the .382 fib mark would invalidate the idea.