ETH is possibly on the 5th sub-wave (in red) of the 5th impulse wave down (in grey). Note that the position of the ends of the 5th waves are arbitrary.
It resembles the previous correction shown on the chart (in grey).
The previous wave 5 reached the 1:1 fib extension level.
Sub-wave 5 is currently being offered some support from the 0.5 fib extension level. If that won't hold, then the 0.618 support level might be tested next. Also, this happens to be around the 1:1 fib extension for wave 5 that was mentioned earlier.
Longs are already on the rise on Bitfinex: i.imgur.com/Fg69B47.png
Look out for an increase in volume for a possible reversal in the near future.
There is also the bearish scenario where ETH could continue below 140 levels.
It resembles the previous correction shown on the chart (in grey).
The previous wave 5 reached the 1:1 fib extension level.
Sub-wave 5 is currently being offered some support from the 0.5 fib extension level. If that won't hold, then the 0.618 support level might be tested next. Also, this happens to be around the 1:1 fib extension for wave 5 that was mentioned earlier.
Longs are already on the rise on Bitfinex: i.imgur.com/Fg69B47.png
Look out for an increase in volume for a possible reversal in the near future.
There is also the bearish scenario where ETH could continue below 140 levels.
