Okay so $85.5 is the top of wave (3) and also $75-$86 resistance band zone works like I expected. Right now the chart is finishing its correction move of wave (4). Expect (c) of (4) to be likely end when it touch 0.618 fib retracement level. My last support zone missed a bit, but now as we know the bottom of wave 4orange was in, it became a strong support...
The Idea is, if it breaks 0.236 (previous high of wave 4) I will consider buy, target 0.35, or wave i high, stop loss at 7%(my preference though)
Wave ii completed flat structure (3-3-5) which retraced to fib 0.868. IF the wave count is correct, we are in the beginning of wave iii to continue the uptrend
This is a very textbook of elliottwave irregular flat pattern of correction. A-B-C pattern with 3-3-5 structure, with B wave overshoot start of Wave A and C wave longer than end of wave A... Could this scenario plays out???
Textbook pattern of elliottwave Flat correction spotted in Ethereum Chart. A-B-C structure with 3-3-5 minor structure.
I expect price to visit 2100-2200 marked with 0.618 fib level before bouncing back up
1. Bullish divergence on RSI
2. Oversold stochastic region
3. Fibonacci retracement range of 0.618-0.5
As you can see, it is an interesting setup in AXS, the 4 indicator still to wait for a green light, breaking up the corrective channel. When that happens, I expect a continuation to the upside.
Based on elliottwave analysis, the chart still in the bearish territory. As the count says, we might reach as low as 1.90 or even further at 1.775 as underlined by fibonacci lines. IMO, this is an opportunity to short.
Not a financial advice, do your research first.
Based on elliottwave theory, I am confident enough to say that the bearish trend is almost over. A zig-zag correction pattern is formed from a-b-c label, the price also hover around strong support range. I think the accumulation phase is happening now.
RSI indicating bullish divergence. Let's see if price can hold above MA 50 and MA 100 in coming weeks.
RSI Last 3 bottoms making a bullish divergence signal, then price confirming a impulsive breakout.
Price make a consolidation pattern right now, I guess a flag/ zigzag pattern may play out. Now we wait to see if the price can breach the next resistance line.
Technical Analysis using Elliott Wave Principle
The price breaks ending diagonal channel of wave (5). If this count is correct, I expect more upside movement since the correction wave A-B-B(blue) is completed.
Wave (5) also landed beautifully at 0.786 fibonacci retracement level.
RSI hourly shows bullish divergence may confirms trend reversal.
Stop loss at the...
Technical Analysis using Elliot Wave Principle
If the count is correct, the wave (2) must have completed, then I expect more upside in wave (3). Wave (2) is a simple zigzag correction of A-B-C.
There are 3 entry options with different risk and reward ratio. Use the entry options based on your own personal risk preference. Stop loss at bottom of wave (2)
Analysis using Elliott Wave Principle
If this count correct, then corrective zigzag A-B-C(green) is completed, expect higher move which is impulsive wave iii (yellow)
Two entry strategy
Conservative waits until price move higher than the top of last wave 4 or the top of wave i.
Aggressive enters when break white corrective resistance trend line
Stop loss at...
Analysis based on Elliott wave principle
Long opportunity spotted after the A-B-C zigzag correction.
If this count correct then expect further upside movement which is wave 3 impulse. I highly expect price to reverse soon indicated by blue support line that coincides the 0.786 fibonacci retracement level and also RSI indicator shows a bullish divergence.