An alternate count will be coming as an update after this. A break above $730 would invalidate this count. But as I've been showing the indicators, we should be finding a correction to this bull streak soon.
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We bounced right off of the channel support... I think the second update here seems a bit reasonable now. I think we break above $730 to a target of $747.. Debating on going long here, but I would like for this to settle down more and add more bullish confirmation.
We bounced right off of the channel support... I think the second update here seems a bit reasonable now. I think we break above $730 to a target of $747.. Debating on going long here, but I would like for this to settle down more and add more bullish confirmation.
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5 Waves in. Either buy on the breakout of this resistance line, OR wait for a lower retrace for a higher RR.
5 Waves in. Either buy on the breakout of this resistance line, OR wait for a lower retrace for a higher RR.
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ETH fails to break resistance on first attempt. Forms bearish ascending wedge. A break north of this wedge could signal a buy signal. Otherwise we wait for a retrace before entering.
ETH fails to break resistance on first attempt. Forms bearish ascending wedge. A break north of this wedge could signal a buy signal. Otherwise we wait for a retrace before entering.
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We need to break $622 in order for me to enter this ETH long. Right now I'm not interested. Indicators are still bearish.
We need to break $622 in order for me to enter this ETH long. Right now I'm not interested. Indicators are still bearish.
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Here is another bullish count on ETH. The reason why I am considering this is because we bounced right off of the yellow support line AND we are actually having a more interesting correction than I thought, and I'll explain why that is so. If ETH falls below $535, then this count is invalidated. It is a little iffy because I'm not sure what the wave count would be within wave 3.
Here is another bullish count on ETH. The reason why I am considering this is because we bounced right off of the yellow support line AND we are actually having a more interesting correction than I thought, and I'll explain why that is so. If ETH falls below $535, then this count is invalidated. It is a little iffy because I'm not sure what the wave count would be within wave 3.
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We are seeing 5 waves right now after a WXY correction. SO, we must assume an attempt for a breakout until we break below $595. IF BTC falls (which it should), then I'd expect ETH to fall with it.
We are seeing 5 waves right now after a WXY correction. SO, we must assume an attempt for a breakout until we break below $595. IF BTC falls (which it should), then I'd expect ETH to fall with it.
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I like confirmation with ETH. I may even enter it earlier because its pretty apparent that its going to fall further. The original post is still the main count. SO, if you are bearish, then I'd actually target where the 2nd update above this one's invalidation level at $535.
I like confirmation with ETH. I may even enter it earlier because its pretty apparent that its going to fall further. The original post is still the main count. SO, if you are bearish, then I'd actually target where the 2nd update above this one's invalidation level at $535.
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ETH has moved so similarly to BTC this ENTIRE uptrend AND downtrend, when BTC hits the 50% local fib retrace, and I am going to enter in on the ETH short.
ETH has moved so similarly to BTC this ENTIRE uptrend AND downtrend, when BTC hits the 50% local fib retrace, and I am going to enter in on the ETH short.
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Bear flag on BTC with the previous low breached. I am in on the ETH short.
Bear flag on BTC with the previous low breached. I am in on the ETH short.
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Going back to the alternate count, we see that on the 3 hour chart we've tried 3 times to break this support line but have not yet been able to to. Because higher time frame indicators are starting to roll over bullishly, we have to consider this possibility of a rise to a new recent high.
Going back to the alternate count, we see that on the 3 hour chart we've tried 3 times to break this support line but have not yet been able to to. Because higher time frame indicators are starting to roll over bullishly, we have to consider this possibility of a rise to a new recent high.
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I want to clarify though that this is just an alternate. I'm continuing to explore possibilities to stay neutral. If we close below the support line on the 3 hour. we could use that as a bearish signal. We are hugging very tight on that line and it is not necessarily a good sign.
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The alternate count is looking like its going to happen. Here is the wave count for now. I'm more interested in shorting ETH than I am going long for now. Waiting on a 30 minute bearish divergence on the RSI.
The alternate count is looking like its going to happen. Here is the wave count for now. I'm more interested in shorting ETH than I am going long for now. Waiting on a 30 minute bearish divergence on the RSI.
This count seems a little too bullish for me. But if we break $730, then we could begin to consider this as being a possibility.