What's up guys... pretty simple look at ETHUSD here... Elliott Wave 12/9-1/13 w/an ABC Retracement... I waited to post this graph, as I've been monitoring ETHUSD progress through the cypher pattern I've drawn up here... As we can see, ETHUSD continues to follow BTCUSD and the rest of the market as it follows the second downtrend triangle of the cypher... So the question is, where does it end?! When do we stop scooping up discounted ETHUSD?! Well it looks like we'll continue to retrace to the 618 or 786 Fib Retracement levels, which would be $785 and $650 respectively. January is known as the "character building" month in the crypto world and between events such as, but not limited to, the Chinese New Year around the corner and the recent negative press in India, I hope to see ETHUSD begin to rebound and work towards the 127 Fib Extension Level of $1,600 (if we bottom out at 786 $650) or closer to $1,800 (if we bottom out at 618 $785). I'm sure we'll also hear more updates on the Lightening Network timeframe of implementation with BTCUSD within the next 2 weeks and this should help as the catalyst to start turning the market around. Let me know what you guys think and as always, happy and safe trading!
*This is in no way financial/investing advice. This analysis is for educational purposes only. The crypto market is extremely volatile and should you invest, you should only invest what you can afford to lose.*
*This is in no way financial/investing advice. This analysis is for educational purposes only. The crypto market is extremely volatile and should you invest, you should only invest what you can afford to lose.*