Despite the bullish medium term count I expect some retracement at this point.
At short term I have doubts if wave iv of iii of iii (orange count) labelling a triangle or a simple zigzag:
a) If wave iv of iii of iii made a triagle ETH have more space to the up side.
b) If wave iv of iii of iii made a simple zig zag this minor wave v could be an ending diagonal...
Since last december, seems ETH is labelling a correction movement and is close to finishing as a simple ABC with an ending diagonal in this last wave.
The odds suggest ETH may go until 210 dollar (stop loss) but at same time the ending diagonal may already finished. The dialy chart, ETH have already a great negative divergence in RSI.
At these levels I think is...
Looks like my bearish count for BTC thankfully is no longer valid and like a chameleon, for me, now the odds suggest the bottom may achieved. Despite this, the TA is still horrible and BTC is still above the importante resistence of 6900. The bulls must take this resistence to give more confidence in this possible new trend. Let's see in the following days if this...
At this point seems the possible triangle will fail hard to the downside. So the BTC without strength to break the resistance of 6700 turn my count, at medium term, more bearish with a possible patern as a double zig zag.
The triangle decides trick me again. However at medium term everthing still possible because BTC continues to be in danger zone and I'm still not sure if the bottom is in. It's very likely the bottom is in but I need some kind of confirmation.
For now BTC has huge resistences to break and this will show me his true strength at short term.
BTC extended a little more than expected but not invalidate my count. Despite this I do not advise enter long at this price cause BTC is still above the support line and now will works as resistance. If BTC goes up and break the 7 k with strength and volume the odds suggest the downtrend coul be finished. Let's see how BTC will behave when achieve the 7 k.
It's possible wave c of ii/b already finished. However, the bulls still in danger zone and should be vigilant cause this possible wave c of ii/b also could be the minor wave i of C. For now, I see a great retracement (76% fibo) of the wave i/a so if the count is correct the odds suggest the end of this downtrend.