Well, those of you who got into ETH down below should be happy.
But there might be more, as long as BTC doesn't mess this up (and I have a feeling it will)...
There are some nice jumps to be made with ETH between heavy resistance.
Alts are fairly coupled with BTC and if bitcoin gives them that little push they need to get over resistance, then we have situations like ETH today.
It looks like we are in wave 5 of an impulse right now. I look at a few clues, the first being the length of wave 3 relative to wave 1. For an ABC correction, I typically look for wave 1 and 3 being similarish in size. Clearly wave 3 is much longer than wave 1, so it could very well be an impulse, and we have 1 more leg to go. Wave 5's are a pain to predict ... inducing some mega confusion. The length is also unpredictable, if wave 3 is longer than wave 1, which is the case here.
But I do see some strong resistance at 760. So I'm looking for another 30 points up from the current 730 range.
Assuming that's the end of wave 5, it will then correct ... and formation of the right shoulder of an IH&S is totally possible.
That makes it really interesting because the head is 120 points ... would $880 for ETH be possible in the next few days ... yes, BUT only if BTC behaves ... and I don't think the odds are in our favor ... a BTC short from $9k is a high possibility.
Anyhow, something to keep an eye on people, this could be the story over the next few days, especially given the exposure ETH gets on Wednesday this week at Consensus.
Remember only a fool relies on one potential outcome!
Do not make financial decisions based on this information. For educational purposes only.
But there might be more, as long as BTC doesn't mess this up (and I have a feeling it will)...
There are some nice jumps to be made with ETH between heavy resistance.
Alts are fairly coupled with BTC and if bitcoin gives them that little push they need to get over resistance, then we have situations like ETH today.
It looks like we are in wave 5 of an impulse right now. I look at a few clues, the first being the length of wave 3 relative to wave 1. For an ABC correction, I typically look for wave 1 and 3 being similarish in size. Clearly wave 3 is much longer than wave 1, so it could very well be an impulse, and we have 1 more leg to go. Wave 5's are a pain to predict ... inducing some mega confusion. The length is also unpredictable, if wave 3 is longer than wave 1, which is the case here.
But I do see some strong resistance at 760. So I'm looking for another 30 points up from the current 730 range.
Assuming that's the end of wave 5, it will then correct ... and formation of the right shoulder of an IH&S is totally possible.
That makes it really interesting because the head is 120 points ... would $880 for ETH be possible in the next few days ... yes, BUT only if BTC behaves ... and I don't think the odds are in our favor ... a BTC short from $9k is a high possibility.
Anyhow, something to keep an eye on people, this could be the story over the next few days, especially given the exposure ETH gets on Wednesday this week at Consensus.
Remember only a fool relies on one potential outcome!
Do not make financial decisions based on this information. For educational purposes only.