$ETH Ethereum 19 SEPT: Elliott waves | Gann | Planetary Aspects
ETH has shown weakness compared to BTC, but this relationship may change now. Take a look at the completing ABC pattern in ETHBTC.
Nevertheless, both ETH and BTC likely have more downside against the USD - if the current Elliott count is correct. As ETH rises against BTC, we may see choppy action on the USD chart. One idea is to stay out of ETH for the moment, or benefit from time decay by selling call option premium.
The red trend lines may provide temporary support & resistance. The lower trend line will be different on every trader’s chart because it is based on the wick of 7 Sept, which has different depths on different exchanges. But the Gann level 3254 provides confluence.
Planetary aspects have been working incredibly well on ETH, especially for tops. On 25 SEPT Sun will conjunct natal North Node, a potentially dangerous aspect. More importantly: On 1 OCT there will be a cumulation of very important aspects. Follow my channel for updates as we approach October.
The equinox is on 22 Sept. Historically, autumn equinoxes often coincide with bearish momentum.
Correlations: QQQ has been bearish on Friday, a follow-through on Monday is to be expected. However, QQQ and SPY still have the possibility to complete the final wave 5, marking a slightly higher ATH next week. We need to observe if such a surprise reversal occurs. If QQQ continues its rapid sell-off, ETH usually correlates.
China: The Evergrande crisis may continue to escalate. A debt crisis (or the fear thereof) may trigger institutions to reduce assets, which may include crypto assets, resulting in selling pressure. We need to keep an eye on Evergrande developments as major debt default crises like to spiral out of control.
STO = Sell to open idea
BTO= Buy to open idea
______________
In my analyses I combine Elliott waves, Gann theory, and planetary aspects to identify turning points in the markets & derive high-probability trading ideas. The strategy is to build leveraged exposure when markets are likely to expand (momentum), and to use options premium decay for consistent income when markets may contract (range).
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Disclaimer:
The views and ideas expressed in this analysis are that of the maker. They are provided as educational information and do not constitute financial or trading advice.
Nevertheless, both ETH and BTC likely have more downside against the USD - if the current Elliott count is correct. As ETH rises against BTC, we may see choppy action on the USD chart. One idea is to stay out of ETH for the moment, or benefit from time decay by selling call option premium.
The red trend lines may provide temporary support & resistance. The lower trend line will be different on every trader’s chart because it is based on the wick of 7 Sept, which has different depths on different exchanges. But the Gann level 3254 provides confluence.
Planetary aspects have been working incredibly well on ETH, especially for tops. On 25 SEPT Sun will conjunct natal North Node, a potentially dangerous aspect. More importantly: On 1 OCT there will be a cumulation of very important aspects. Follow my channel for updates as we approach October.
The equinox is on 22 Sept. Historically, autumn equinoxes often coincide with bearish momentum.
Correlations: QQQ has been bearish on Friday, a follow-through on Monday is to be expected. However, QQQ and SPY still have the possibility to complete the final wave 5, marking a slightly higher ATH next week. We need to observe if such a surprise reversal occurs. If QQQ continues its rapid sell-off, ETH usually correlates.
China: The Evergrande crisis may continue to escalate. A debt crisis (or the fear thereof) may trigger institutions to reduce assets, which may include crypto assets, resulting in selling pressure. We need to keep an eye on Evergrande developments as major debt default crises like to spiral out of control.
STO = Sell to open idea
BTO= Buy to open idea
______________
In my analyses I combine Elliott waves, Gann theory, and planetary aspects to identify turning points in the markets & derive high-probability trading ideas. The strategy is to build leveraged exposure when markets are likely to expand (momentum), and to use options premium decay for consistent income when markets may contract (range).
Get a 14 Days Free Trial: www.constellations.trade
Open an account here if you'd like to support my work:
Deribit - Trade Bitcoin option premium decay strategies here:
www.deribit.com/reg-14912.6680
Binance - 10% off trading fees with this link:
accounts.binanc....me/en/register?ref=LLBB97...
Disclaimer:
The views and ideas expressed in this analysis are that of the maker. They are provided as educational information and do not constitute financial or trading advice.
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