BTC in the last month generated a pennat that was broken in a downtrend and now is generating an ABC Elliot wave. ETH is creating a similar chart pattern delayed of few weeks compared to that of BTC. ETH broke a pennant in the last days, reaching the 50% retracement. Probably an ABC Elliot wave could be created, with ETH price rising to 870 USD and then dropping to 550.
I really like the looks of this zone for a nice entry, RSI is developing a nice bullish divergence and price is in strong demand zone, could be overextended here.
FenixCapital
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@FourthFloor, coupled with the dominant buy volume and decreasing sell volume is the well formed bullish ethbtc bull chart too:
MCassICT
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I could be wrong but it looks like you have set your fibonacci retracement incorrectly. I believe it should start at the low of the previous trend and then run to the high. It looks like you went high to low.
alessandro.pizzoferrato
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@Bremily01, I set the 0 Fib value at 10 USD. This value was the beginning of the first uptrend of a full impulsive wave, but I don't exclude that I could be wrong on the start of the impulse. Unfortunately, I didn't represent it on this chart
FenixCapital
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@Alessandro.pizzoferrato, personally I think the 0 point would be best placed at 400, the last bottom base before the present move which is under analysis
mashtrader
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same observation couple of days ago. Not sure it will bounce back and then head to 500s or BTC pressure will keep it from bouncing, it's the market call.