Crypto traders, welcome back!
Ethereum is coming sharply to the downside, making an impulsive decline from July highs which is not over yet. An impulse is a five wave structure, where third wave is normally the sharpest and longest and this is exactly what we can see down from 485 level. It's an extended decline in five legs that is moving into some interesting Fib. support extensions here around 220/260, where can be a new potential base for current blue wave three. Bounce into wave four may show up soon, and can stop at 318-345 resistance.
I understand that there are a lot of traders and investors waiting on bottom to form, but for now that's not the case yet so we have to respect what market is doing. But of-course, I am ready and would aggressively shift back to bullish mode once we see an impulse up from the low! This is key for any change in trend, in any market!
Trade well,
GH
Ethereum is coming sharply to the downside, making an impulsive decline from July highs which is not over yet. An impulse is a five wave structure, where third wave is normally the sharpest and longest and this is exactly what we can see down from 485 level. It's an extended decline in five legs that is moving into some interesting Fib. support extensions here around 220/260, where can be a new potential base for current blue wave three. Bounce into wave four may show up soon, and can stop at 318-345 resistance.
I understand that there are a lot of traders and investors waiting on bottom to form, but for now that's not the case yet so we have to respect what market is doing. But of-course, I am ready and would aggressively shift back to bullish mode once we see an impulse up from the low! This is key for any change in trend, in any market!
Trade well,
GH
Comment:
Hello traders! Ethereum is still slow with choppy price action, which suggest a correction. It's wave iv that can be either a triangle or a flat correction with resistance around 330 area, so sooner or later we may see a drop into new lows for wave v. Even if goes more complex, we remain bearish while it's beneath 440 region.
Comment:
As expected, Ethereum broke lower out of a triangle into new lows. Triangles usually occur in fourth waves, so seems like a fifth wave could be in play, where we see a room for 200-150, maybe even 100 area. We should be aware of a bounce, since we have seen it in new lows for wave v, so carefully with ETH. However, to even think about a bullish reversal, we need an impulsive bounce by five waves back above 300 region.