The current structure looks like a large leading diagonal of which we are in the final stages, the 5th wave has o play out. This aligns with the recent price jump which looked corrective in nature, I'm considering that as wave 4
This pattern is similar to ETC chart I posted recently (linked below)
This assumption shows that we are in the last stages of 6 month correction,after which we will have a relief rally of at least 50%, which according to my recent long term analysis will be a corrective rally
Overall, I believe ROI for longs is better in the next 1 -2 months, confirmation is when we breakout from the diagonal (now or after a quick drop)
Also ETH BTC ratio looks set for a strong bounce
This pattern is similar to ETC chart I posted recently (linked below)
This assumption shows that we are in the last stages of 6 month correction,after which we will have a relief rally of at least 50%, which according to my recent long term analysis will be a corrective rally
Overall, I believe ROI for longs is better in the next 1 -2 months, confirmation is when we breakout from the diagonal (now or after a quick drop)
Also ETH BTC ratio looks set for a strong bounce
Trade closed: target reached:
Target hit for 75% hike since the chart was posted, this is the 0.618Fib bounce of the entire move down, so expecting correction
