So ya, I'm bullish. My Elliott wave analysis shows that $404 was a wave 2 bottom and we're now in a wave 3. Pay attention to the notes here though. If this is a wave 3 it must be explosive, and must be get well above the low-$900's and then mustn't break back below that mid-$800's wave 1. Additionally in the short-term we have a nice inverse head-and-shoulders pattern pointing to $590's pretty quickly.
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It definitely exploded briefly, however this BTC rally has taken the steam out of ETHUSD. For now the inverse head and shoulders might be off the table and gone. $439 must hold otherwise $420 and $404 are downside targets. Below $404 would be very bad though
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Mega-reversal! $404 breached, opening the door to $350 and potentially worse. In the short-term this thing is very oversold though. We'll see. I've taken short- and intermediate-term ETH longs off the table though and am aiming for capital preservation. Still holding ZRX long position but if that thing breaks below $0.60 I'll have to dump it as well.
It definitely exploded briefly, however this BTC rally has taken the steam out of ETHUSD.
For now the inverse head and shoulders might be off the table and gone. $439 must hold otherwise $420 and $404 are downside targets.
Below $404 would be very bad though.
For now the inverse head and shoulders might be off the table and gone. $439 must hold otherwise $420 and $404 are downside targets.
Below $404 would be very bad though.