Today is the great day for Ethereum bulls becuase it’s about to show us much more gains. Of course this potential pump is gonna be the huge trap like on Bitcoin. But here we have huge difference. On the BTC we have complex correction and wave C should not obligatory go higher than wave A. In case of ETH we have the zigzag correction and current wave will break $2000.
Let’s take a look the 1D time frame of the WHITEBIT:ETHUSDT chart. Wave A was the impulsive one. I am not going to consider it in details, you can just trust me. Earlier I supposed that wave A is actually the wave 4, but it wav the mistake becuase the wave B is very ugly and does not look like the impulsive one. Therefore I have made an assumption that the wave C is happening right now.
Obviously ETH has already finished the waves 1 and 2 and we have the question: has the wave 3 been finished. Price reached the minimal target, but taking into account that the wave C should be very high I consider that wave 3 is gonna be extended one. The $1867 now is my nearest target for this asset. After the followed correcive wave 4 I expect the wave 5 and huge crash after that. Because there are a lot of liquidity below.
In my opinion Ethereum has not finished it’s bear market, but now it’s a very dangerous idea to open both long and shorts and my plan for ETH now is waiting for the wave 3 end and buy at the bottom of the wave 4. I will make an update when take some action on this crypto asset.
Best regards, Ivan
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Cool idea) Strong set-up on the chart, I think the chance of luck is high)
KoDPrey
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I will show you.
Do you know this pattern? If not you can buy the pattern books. If we will close 4H candle below this red line, bye bye BTC but lets see. Holding my shorts.
Skyrex
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@KoDPrey I hold my short too, but expect more leg up on BTC At 22300 I will add to my position:)
KoDPrey
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@SkyrexTrading, If you are holding shorts then its ok. I was thinking that you changed your idea and switched to longs which would be difficult to understand for me.
Skyrex
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@KoDPrey yes, I know the volume profile, but have not back tested it
KoDPrey
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I think it will be wrong prediction. That will be your 5th mistake in a row. Started counting them. But lets see. Of course I wish you all the best
Skyrex
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@KoDPrey thank you for support, bro 😎 You are the best motivator ever :) This is not a sarcasm, negative motivation is the best one 😃
KoDPrey
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@SkyrexTrading, I like your ideas but the are very very how to say... "nice painted". Not much indicators, no trend lines, volume and so on. You are always trying to count waves which are not accurate enough. So somtimes its hard to understand what you are assuming, on which factors. Thank you for your work.