No I´m not an Elliott wave-specialist - I´m just learning this sort of analysis.
What is elementary for EW is volume and liquidity. And I think only the 5 top-cryptocurrencies have enough volume and liquidity for EW-analysis.
When I take a close look to the development of ETH-course I can identify a 5-wave cycle (impulse) and the beginning of a 3-wave cycle (correction).
Following the guidelines of the motive waves (1 to 5) all of them are fulfilled.
Wave C (corrective) can lead further than A but it hasn´t to be (for example in a flat).
I expect a wave C leading deeper than wave A due to the dynamic, coming from the correction in BTC.
So it could stop at fib retracement 38.2% (498$).
One has to consider if we are still in a bull market or have we entered a bear market?
I think as long as ETH hasn`t broken the long trend (pointed line) we´re still in a bull market.
first aim: fib retracement at 61.8% (637$)
second aim: fib retracement at 38.2% (498$)
upwards: fib retracement at 78.6% (736$) = resistance and fib retracement 100 (863$) = ATH
other indicators:
MACD: signal line triggered and falling (negative)
RSI: <50 and falling (negative)
Volume: low
MA 12: price is below and falling (negative)
What is elementary for EW is volume and liquidity. And I think only the 5 top-cryptocurrencies have enough volume and liquidity for EW-analysis.
When I take a close look to the development of ETH-course I can identify a 5-wave cycle (impulse) and the beginning of a 3-wave cycle (correction).
Following the guidelines of the motive waves (1 to 5) all of them are fulfilled.
Wave C (corrective) can lead further than A but it hasn´t to be (for example in a flat).
I expect a wave C leading deeper than wave A due to the dynamic, coming from the correction in BTC.
So it could stop at fib retracement 38.2% (498$).
One has to consider if we are still in a bull market or have we entered a bear market?
I think as long as ETH hasn`t broken the long trend (pointed line) we´re still in a bull market.
first aim: fib retracement at 61.8% (637$)
second aim: fib retracement at 38.2% (498$)
upwards: fib retracement at 78.6% (736$) = resistance and fib retracement 100 (863$) = ATH
other indicators:
MACD: signal line triggered and falling (negative)
RSI: <50 and falling (negative)
Volume: low
MA 12: price is below and falling (negative)