Entry = $186 (I'm already long, but we may revisit the area)
Stop = $168 (although probably can also be put to $134)
Target = $430+
It is a legitimate technique, channeling, for potential identification where wave C can end. This is a parallel channel on a log graph.
Perfect time to buy, stop loss can be super tight under the channel at around 160
The long that I took at 186 went from a lot of green to some red, now at BE. Going to keep it and as I said before, it's a low position size long with loose stop at $130s and target of $430+ and the likely duration of the trade of around 2 weeks+
Closing now for 18% profit.
White line (or rectangle area) is where the highest volume happened. Orange line (or rectangle area) is where the final top/bottom on price happened.
This extremely high volume last couple of days on ETHUSD signals the bottom is near, but based on previous history (and generally it is known in EWs) that the 5th wave usually has lower volume. So wave 5 of C is likely yet to come.
Important update: SEC decision on CBOE-related ETFs seems to be postponed (at least they asked for more comments today, giving 25 and 40 more days for the comments to accumulate).
What is important about it is the market reaction to it. It's hard to say that the SEC decision has fully been reflected on the market (I'd give at least 12 hours for the market to fully react, because some people were sleeping when the decision was allegedly postponed), BUT the lack of immediate dump and instead price moving even higher suggests that market by itself maybe be way more bullish than we expect.