If you are going to tell me that a double top pattern is forming, then you are very correct. There is an obvious double top forming, and I can see that. The RSI, MACD, and EMAs are also bearish, and I can recognize that too. Call me crazy or whatever you names want, but I still think Ethereum can go even higher in the short term.
I base my analysis primarily on Elliott Waves. If we count the waves, we only are on wave 4, meaning we could possibly reach $1000! I tried multiple count variations, but I don't see how wave 5 already occurred. What I believe is happening is an expanded flat. That type of pattern is the one of the trickiest correction patterns since the corrective waves (and not the impulse waves) achieve the high. If we look closely, we see that wave A is an ABC correction, wave B is a ABCDE correction in the form of a rising wedge, and wave C is simply a 12345 impulse. If the count is correct, Ethereum should start impulsing soon.
imgur.com/a/JpPx5
Nonetheless, if you do decide to take this trade, manage your risk carefully. There are many bearish signs, and many people are starting to take profit. Still, I trust in my Elliott Wave analysis and believe that there are enough people with FOMO to drive the prices up again.
I base my analysis primarily on Elliott Waves. If we count the waves, we only are on wave 4, meaning we could possibly reach $1000! I tried multiple count variations, but I don't see how wave 5 already occurred. What I believe is happening is an expanded flat. That type of pattern is the one of the trickiest correction patterns since the corrective waves (and not the impulse waves) achieve the high. If we look closely, we see that wave A is an ABC correction, wave B is a ABCDE correction in the form of a rising wedge, and wave C is simply a 12345 impulse. If the count is correct, Ethereum should start impulsing soon.
imgur.com/a/JpPx5
Nonetheless, if you do decide to take this trade, manage your risk carefully. There are many bearish signs, and many people are starting to take profit. Still, I trust in my Elliott Wave analysis and believe that there are enough people with FOMO to drive the prices up again.
