Ethereum went slightly lower than my target box reaching 911. This quickly resulted in a retrace to the 0.5 fib retrace, just like LTCUSD and BTCUSD.
This pattern rules out a triangle and puts in play a Flat ABC or a Standard ABC correction. Because of the bullish sentiment of the market right now, I believe it is more likely that we would be looking at a Flat ABC in this scenario. Because this last week of pushing broke R5 it makes relying on the pivot points more difficult simply because any one bar blows past any useful levels. With that, I dont see any real support until we get below 800 if Wave C goes below Wave A.
Because the 900 in relation to the recent high presents a significant profit potential, I think the 900 level will be defended.
Anyway, we are still in a bullish formation, just in a correction wave.
Disclaimer: Dont follow the advice of random people on the internet. This is a hobby of mine. I do actively trade crypto, but I am by no means an expert.
I agree, short term bearish for a longterm bullish right?
Exsilium
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@TheSignalyst, correct. In all the stuff Ive been reading there is a huge amount of institutional money going into crypto right now, especially Bitcoin BTCUSD. I personally dont touch Bitcoin, the Chinese influence in that arena worries me, but I do have quite a bit in other coins.