Elliott Wave enthusiasts may observe that ETHUSD is currently exhibiting a pattern that leans towards a SHORT setup. The chart showcases the completion of a corrective wave (b) and potentially the start of an impulsive wave (c) downwards, as indicated by the recent pivot at a Fibonacci retracement level.
This potential move down comes after a failed attempt to break higher, reinforcing the bearish outlook. The wave (c) is expected to be at least equal to wave (a), with Fibonacci extensions providing possible targets for the downward move.
Given the volatile nature of cryptocurrencies, combined with current market sentiments around regulatory news and tech sector jitters, the setup could be ripe for a SHORT trade. Traders considering this position should look for confirmation as the price moves below the end of wave (b), with a stop-loss order set above the recent high to manage risk.
Targets can be placed at the 1.0 and 1.618 Fibonacci extension levels from wave (a) to (b), allowing traders to capitalize on the anticipated decline. As with any trade, monitoring the price action closely and being ready to adapt to new market information will be key
This potential move down comes after a failed attempt to break higher, reinforcing the bearish outlook. The wave (c) is expected to be at least equal to wave (a), with Fibonacci extensions providing possible targets for the downward move.
Given the volatile nature of cryptocurrencies, combined with current market sentiments around regulatory news and tech sector jitters, the setup could be ripe for a SHORT trade. Traders considering this position should look for confirmation as the price moves below the end of wave (b), with a stop-loss order set above the recent high to manage risk.
Targets can be placed at the 1.0 and 1.618 Fibonacci extension levels from wave (a) to (b), allowing traders to capitalize on the anticipated decline. As with any trade, monitoring the price action closely and being ready to adapt to new market information will be key
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