aoeuaoeu
Long

ETH Correction Almost Over

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Ethereum             is completing the final wave of an ABC correction. In fact, it's on the 5th subwave of wave C. It is only a matter of time before Ethereum             starts impulsing. In addition, we see bullish divergence , and the volume picking up.
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This correction is only temporary, and we need to take a look at the big picture to see how high Ethereum             can rise to. We should not panic on these corrections as this will only look like a dip once the price starts impulsing. We have not yet completed the fifth and final wave. Due to the bullish nature of cryptocurrencies, the fifth wave often exceed our targets.
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Entry: $600-$750
Stop: $400
Conservative Target: $1600
Expected Target: $1900
Aggressive Target: $2000+
Time: Up to 5 months
Comment: The Buy Zone of $600 is derived from a 1 to 1 Extension of Wave A. In the world of cryptocurrencies, wave C rarely exceeds the length of Wave A by much. The Stop Loss Level, is just below the peak of Cycle Wave 1.
Comment:
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We have to see if Ethereum can break the symmetrical triangle on the ETH/BTC pair. If it breaks down, and Bitcoin continues to tank, we could see another low on Ethereum.
500?!?
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@qdoc, If ETH drops as much as BTC in the next fews days...
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qdoc PRO aoeuaoeu
@aoeuaoeu, thanks brother. Well yes my gut says this is the last time eth follows rather than leads. But I'm looking at btc5k eth500. Thanks for your valuable insights. Peace.
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We are close to the bottom. price needs to hold above $530 bitfinex IMO. Hoping for an extended wave 5 to $2k+
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Nice call, but are you not expecting it to go lower than $600? I fear it may dip below that depending on if BTC falls again.
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aoeuaoeu vspectra
@vspectra, Short-term, I do not expect to go below $600. Right now all the cryptos and Bitcoin are super oversold. The daily RSI is 26 for Bitcoin! I expect at least a short bounce. If Bitcoin still continues to tank after a bounce, I could see a WXY correction for Ethereum. Even if that scenario plays out, I think that Ethereum should break $1000 first.
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vspectra aoeuaoeu
@aoeuaoeu, Thanks for the input, I can maybe finally get some rest lol. Really hope the whole market has finished its correction.
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tradeup13 vspectra
@vspectra, Indeed, ETH just hit 587. Actually I´ve been waiting for days for ETH to fall to 582. I couldn´t imagine ETH falling deeper than that, but it´s now possible to go even lower, maybe to 550 - 500, just because of bitcoin.
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vspectra tradeup13
@tradeup13, Yep. Current market is too unpredictable. BTC is still king and will take everything else down with it.
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