- Possible short position available after final pulse up.
- Potential repeat of Ripple with strong final surge up.
- For strong final surge upward towards $1500-$1644, looking for strengthening in DMI (last 7 4h candles in green)
I posted a short while ago that Ethereum might repeat the Ripple ABCDE formation with a reprice downwards. Ethereum is now on it's final pulse up though for a convincing surge upwards, it would need to break through it's current ATH of $1378. I'm keeping my eye on the DMI to strengthen with the (green line) to move upwards above the red and the index (blue) to move higher.
Final legs of ABCDE can be short -> let's see how this one plays out before reprice downwards. If it follows Ripple's pattern it will reach the $1500. Ripple did a very strong final pulse but for Ethereum , that second pulse upward was very elongated and I'd be surprised to see a repeat of that.
And now for the disclosure!
** This information is for educational purposes only and not intended for advice on trading **
- ATH of $1378
- Fib extension 1475
- FIb extension 1581
Expecting a reprice down though should stay above $1k.
Looks like it's the last leg up for now.
If it does finally pass 1,500, it will have to wait a while until the bull's have had a break.
Bitcoin's ultimate strategy was just to hold on for dear life until 20k . . . .lol
Yes, yes, that's sure possible. I think everyone is waiting for the repeat of 2017 glory. It sure would be awesome!
That's what created such a FOMO culture with cryptos. Bitcoin just kept going up.