If you want confirmation on this trade, then I'd wait until the resistance at $710 is broken, or even to the upside of this triangle.
Higher time frames are pretty oversold on the while still in territory on . I'm right now and am pretty sure we'll see a jump in the market. BUT, if we fall (which is possible), then I'd just stay away for now.
Two scenarios for ETH. One takes us to $868. The other takes us to $937.
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The biggest argument I'm having with myself (lol) is whether or not this is wave 5 or wave 3. There are two outcomes to this possibility. Typically in prospect theory, people do the opposite of what they should. Very often investors/traders take profits too early, and hold on to losses for too long. That is what people are going to have trouble with within the next few months. When to take profit, and when to cut losses. Because we still have to understand that Bitcoin still has the option of going down to $3000.
I'm seeing this option unfold with ETH.
The past 12 hours this market has been acting VERY funky. And everyone is a little TOO optimistic right now.
ETH is pretty overbought on the 3-4 hour time frames and needs a correction here soon. I think there is a chance it reaches $813, but not guaranteed. The 12 over is overbought and there are two cases of bearish divergence. The white line is hidden, and the yellow line has potential to finish bearishly depending on the next drop.
You may want to consider taking profit and looking for re-entry if it appears to be safe. But for now, because there is a lack of info, holding wouldn't hurt. Just make sure you all have breakeven stop losses in place. There is no reason to take a loss.
The original $818 target 1 has been met!