KRAKEN:ETHUSD recently drops and probably set off to the support zone of $2'840. By Elliot waves principle 5-th wave there will be exhausted and we can expect these levels to be hit by big volatility and mass leverage liquidations.
What is the supported thesis technically for the expected scenario on Ethereum:
- price finishing harmonic 5-th impulse wave model with extended 5-th wave - The MACD indicator is at the low and probably will continue in red for a while - Price will be supported by strong price action in levels over $2'840 - 17-20% powerful movement as A-B-C correction we can expect
If you have any questions related to this trading idea I will be happy to provide you with answers.