Welcome back!
Today we will be taking a look at Eth to decide where we can go from here.
There is a couple options I am watching both bullish and bearish.
Let's jump right into it!
From sub $200 Eth rallied and broke up to $280 before we had our eventual retrace.
Prices now are consolidating in what looks to be a symmetrical triangle.
Symetrical triangles are 50-50 bullish and bearish so this is showing indecision inside the market.
What we need to see is a positive bull break out of this resistance before we can except to see continuation.
Whether we breakout or not is Dependant on BTC.
Based off my analysis it looks like were will get one more drop to our trend line before we see either side impulse the market.
If we break lower, expect a retrace to around $200 or our 200MA.
From an Elliott Wave perspective it appears we are consolidating before our final wave 5x3x3.
Once this impulse is over that will complete wave 3x3 before we start the final 5x3 to complete wave 3 entirely.
Overall this looks more bullish than bearish but it depends on what BTC decides to do.
Overall count has us completed wave 1 with current prices finishing out wave 3x3.
Today we will be taking a look at Eth to decide where we can go from here.
There is a couple options I am watching both bullish and bearish.
Let's jump right into it!
From sub $200 Eth rallied and broke up to $280 before we had our eventual retrace.
Prices now are consolidating in what looks to be a symmetrical triangle.
Symetrical triangles are 50-50 bullish and bearish so this is showing indecision inside the market.
What we need to see is a positive bull break out of this resistance before we can except to see continuation.
Whether we breakout or not is Dependant on BTC.
Based off my analysis it looks like were will get one more drop to our trend line before we see either side impulse the market.
If we break lower, expect a retrace to around $200 or our 200MA.
From an Elliott Wave perspective it appears we are consolidating before our final wave 5x3x3.
Once this impulse is over that will complete wave 3x3 before we start the final 5x3 to complete wave 3 entirely.
Overall this looks more bullish than bearish but it depends on what BTC decides to do.
Overall count has us completed wave 1 with current prices finishing out wave 3x3.
Comment:
Breakout Confirmed