Aside from the 5 days from 11/24-11/29, ETH has been on a pretty consistent growth from all the way back to around 11/10. The excessively rapid growth during that week was in my opinion due to to the 10k BTC hype. Upon reaching 10k, the market consolidated and we returned to our previous trend indicated by the channel.
Elliott Wave and Fibs
Over the last week, however, we've been respecting the Fibonacci levels set from a few key prices over the last month - as well as from the 10k BTC dip on 11/29. We see that Wave 3 reached the overlapping fib levels and retraced to another strong fib level to finish off wave 4. Now we're nearing the end of Wave 5. This means we will see some decline in growth over the next few days as we look to follow the ABC elliott correction.
I'll be looking for re-entry at the buy zone indicated at the end of the ABC correction of the elliott wave around ~$445. From there, we can look for similar targets we've seen the last few days that line up with multiple fib patterns.
Beyond the waves
Lets consider why we might retrace from $485 aside from just saying "HEY LOOK THERES AN ELLIOTT WAVE!". Upon reaching the short-term ~$485 target, we will have reached the highs formed on 11/25 & 11/27. The only other high that surpassed that was the ATH of ~$515. Obviously, given the dip, the $515 price did not hold, but neither did the two $485 prices considering we saw price decreases the last two times we reached that price. The market has not yet fully supported the price of $485, and I feel many people will be looking to take their profits knowing that it's a safe target, but that it likely wont last.
** Comments and critiques always welcome especially contrasting ideas
** @CAG_CryptoTA
Elliott Wave and Fibs
Over the last week, however, we've been respecting the Fibonacci levels set from a few key prices over the last month - as well as from the 10k BTC dip on 11/29. We see that Wave 3 reached the overlapping fib levels and retraced to another strong fib level to finish off wave 4. Now we're nearing the end of Wave 5. This means we will see some decline in growth over the next few days as we look to follow the ABC elliott correction.
I'll be looking for re-entry at the buy zone indicated at the end of the ABC correction of the elliott wave around ~$445. From there, we can look for similar targets we've seen the last few days that line up with multiple fib patterns.
Beyond the waves
Lets consider why we might retrace from $485 aside from just saying "HEY LOOK THERES AN ELLIOTT WAVE!". Upon reaching the short-term ~$485 target, we will have reached the highs formed on 11/25 & 11/27. The only other high that surpassed that was the ATH of ~$515. Obviously, given the dip, the $515 price did not hold, but neither did the two $485 prices considering we saw price decreases the last two times we reached that price. The market has not yet fully supported the price of $485, and I feel many people will be looking to take their profits knowing that it's a safe target, but that it likely wont last.
** Comments and critiques always welcome especially contrasting ideas
** @CAG_CryptoTA
Comment:
So, it looks like its happening much quicker than I initially expected. The price blew past the bottom of my predicted Wave A and went straight to where I said wave C would stop before reversing. I expect the over all trend to still take place and I believe we'll be seeing the C Target again.