BITTREX:ETHBTC looks pretty clear with five waves up from lows and regular 3-3-5 three-wave A-B-C correction. ETHBTC currently trading in wave (4) of C from where we expect another decline into wave (5) of C towards 0.070 psychological strong support level, where ETHBTC may come to the end of correction. Just keep in mind that we need impulsive five waves up from that projected support and break above 0.100 level to confirm bullish reversal!
Komen
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Hello traders, ETHBTC didn't hit our projected support yet, so we remain bearish. We can see a small recovery, probably in wave (4) of C, so we expect another push to the downside for wave (5) of C towards projected 0.070 level. But, If ETHBTC from any reason goes sharply higher above 0.10 level within five waves up, then temporary bottom at 0.077 level after three-wave decline can be in place.
Komen
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And there it is! ETHBTC approaching strong support at 0.070 level for wave (5) od C.
Komen
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Hello traders! BTC is still slow and slightly higher. We took a look on some xxx/btc crosses and many of them are close to support, which means that bounce may occur soon. One example is ETHBTC and on this correlation chart you can clearly see a negative correlation and also you can see what may happen with BTCUSD, when ETHBTC find support.
@ew-forecast hey would love to see any updates on eth/btc
fk91
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If BTC price is 12500 then 0.068 BTC is equal to $870 which makes sense that Ether can drop to that level in BTC only if BTC is going higher. In other words, short in BTC and long on USD. If you're calling BTC can go lower than Ether is short in USD which almost equal to $600 level. Basically, you're calling Ether can drop up to $650.
greg I just got the crypto report and it seems you still could expect some more downside as the picture changes. a lot of publishers are sounding the ALL CLEAR for higher prices, as I seen in this chart hasn't met the completion target yet although btc did hit that 9.2k area yesterday
JoshThomas04
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I agree with your idea. I just don't see how this is a normal '3-3-5 A-B-C Correction'. 3-3-5's are flat corrections in which wave B should retrace to near the start of wave A but this doesn't. I would call it 5-3-5. If you look at the 30m chart, wave A splits into 5.
ew-forecast
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@JoshThomas04, Agree, it's not normal 3-3-5, but definitely valid corrective pattern with triangle in wave B..
JoshThomas04
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@ew-forecast, The triangle in wave B doesn't discount the rule that, in a flat, wave B must retrace towards the start of wave A though right?
ew-forecast
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@JoshThomas04, In a regular flat correction wave B usually retrace for 61,8% of wave A, but do some google search and you will find out that triangles may appear in B waves of zigzag pattern.