Ending diagonal often mark the end of the trend Ending diagonal often correct to at least fib 0.5
As price printed lower low, macd has been printing higher low, 3 times, one touch for every subwave This shows how long "bullish divergence" can keep on going without producing a reversal. It also confirm the diagonal triangle, in which subwave 3 and 5 are meant to have smaller target
Price action broke out of the diagonal in wave 1 and tested the upper line of the diagonal in wave 2 Producing a fourth higher low on MACD
Current wave i, has finally broke out above previous high on MACD and has now confirm that entire serie of divergence as a reversal.
So now the target for wave ii, should ideally leave macd in the positive and even better, not return under the upper black line. That leave us, with either a sharp or short wave ii Blue box would be best
The minimum target coming up next is fib 0.5 of the diagonal, then fib 0.5 of the abc.
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for anyone interested in detailed EW count of the move. Since yesterday wave iv has corrected in the territory of wave ((iv)), could go as low low as (iv) before starting v
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more accurate targets : blue line should be our support now
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ETH is showing a different picture than BTC There is a neat looking 5 wave structure It does look complete
BUT it's definitly not wave 3 (it's way too short) The second most obvious choice is the one above, in which case we could go as low as the second blue line There is a last option with wave i completed one high prior to the left
Which ever count, i think ETH next move will be higher in proportion than what we'll see on BTC
last thing, eth doesn't have the same HNS formation as BTC, there isn't that much of a clear support and the second blue line is a real possibility if the first one breaks
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count above was definitly the right one could go as low as 440 now that we breach the second blue line but for some reason (higher low on macd, hidden bullish divergence on RSI), i'd favor a sideway scenario from here
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we have some positive sign of a bottom at 440 we can see an impulse developing since then We have a macd read of wave iii Which also confirm the macd divergence of the bottom by printing a higher high Stochastic hint at this move nearing a retrace, so not the best time to enter, unless we end up closing above the resistance in red at 470 RSI shows similar picture, hidden bearish divergence, but there is also more room to the upside
if price get rejected at the red line, the retrace would go toward the blue line, this is my favorite scenario But i also like what i'm seeing on ETH, and i'm not sure if it's worth it to wait for the perfect entry to fully enter a long, I might partially enter now in case price shoots up.
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getting near blue target, i still think it should bounce from there
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eth is gliding out of the blue box of the original chart a move seem imminent, once 470 breaks ...
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seems like one of reason why ETH has been lagging is because it's been traded to accumulate alts...
if you look at most alt coin, there has been sell wall on btc to hold prices down meanwhile the volume was higher on Eth pairs with some actual buying happening with Btc near correction point, and Eth looking higher i'm expecting those sell wall to disappear and btc holder to soon take profit in alts which would in result free Eth and allow it to go higher while btc retrace or stagnate the next 48h should show more signs of this
if anyone wants to know, alts/btc that i cannot chart but look like a good buy : etn (entry at 0.00000155 tp at 0.0000033) and elix (entry at 0.0000279 profit at 0.000063) covesting (entry 0.00011 not sure target) and loci (not sure if it will but entry 0.000011 target 0.000025) are two that need to correct first And for the top 10, i favor iota above ada I'm obviously invested in those so take my word as carefully as you should.