An alternate count will be coming as an update after this. A break above $730 would invalidate this count. But as I've been showing the indicators, we should be finding a correction to this bull streak soon.
Not
This count seems a little too bullish for me. But if we break $730, then we could begin to consider this as being a possibility.
Not
We bounced right off of the channel support... I think the second update here seems a bit reasonable now. I think we break above $730 to a target of $747.. Debating on going long here, but I would like for this to settle down more and add more bullish confirmation.
Not
5 Waves in. Either buy on the breakout of this resistance line, OR wait for a lower retrace for a higher RR.
Not
ETH fails to break resistance on first attempt. Forms bearish ascending wedge. A break north of this wedge could signal a buy signal. Otherwise we wait for a retrace before entering.
Not
We need to break $622 in order for me to enter this ETH long. Right now I'm not interested. Indicators are still bearish.
Not
Here is another bullish count on ETH. The reason why I am considering this is because we bounced right off of the yellow support line AND we are actually having a more interesting correction than I thought, and I'll explain why that is so. If ETH falls below $535, then this count is invalidated. It is a little iffy because I'm not sure what the wave count would be within wave 3.
Not
We are seeing 5 waves right now after a WXY correction. SO, we must assume an attempt for a breakout until we break below $595. IF BTC falls (which it should), then I'd expect ETH to fall with it.
Not
I like confirmation with ETH. I may even enter it earlier because its pretty apparent that its going to fall further. The original post is still the main count. SO, if you are bearish, then I'd actually target where the 2nd update above this one's invalidation level at $535.
Not
ETH has moved so similarly to BTC this ENTIRE uptrend AND downtrend, when BTC hits the 50% local fib retrace, and I am going to enter in on the ETH short.
Not
Bear flag on BTC with the previous low breached. I am in on the ETH short.
Not
Going back to the alternate count, we see that on the 3 hour chart we've tried 3 times to break this support line but have not yet been able to to. Because higher time frame indicators are starting to roll over bullishly, we have to consider this possibility of a rise to a new recent high.
Not
I want to clarify though that this is just an alternate. I'm continuing to explore possibilities to stay neutral. If we close below the support line on the 3 hour. we could use that as a bearish signal. We are hugging very tight on that line and it is not necessarily a good sign.Not
The alternate count is looking like its going to happen. Here is the wave count for now. I'm more interested in shorting ETH than I am going long for now. Waiting on a 30 minute bearish divergence on the RSI.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.