Dear traders
Our lead analyst Benjamin Mendenmein is currently on a well-deserved holiday. I Vincent Mendenmein will therefore provide today's update on both bitcoin and Ethereum.
Not much has changed over the last few days, regardless of this, I want to give a short update about the current wave count. It is very likely that we have finished wave (iii) and are in a wave (iv) correction. The wave 4 correction should reach the green Fibonacci zone at $20372-$18950. Please note however that wave 4 corrections can behave according to the statements listed below.
Wave (iv) characteristics (Crypto)
1. Price often moves inside a triangle or wedge.
2. Price barely touches 0.236 retracements.
3. Wave (iv) correction can be very short-lived.
Regarding these rules, it is possible that wave (iv) is already done, however it is most likely that we will dive deeper into the green Fibonacci zone at $20372-$18950.
In addition to this it could be possible that wave (iii) isn’t over, for this scenario to be validated we need further price surges into the orange Fibonacci zone.
Thank you for reading the update and see you next Tuesday!
Vincent Mendenmein
Our lead analyst Benjamin Mendenmein is currently on a well-deserved holiday. I Vincent Mendenmein will therefore provide today's update on both bitcoin and Ethereum.
Not much has changed over the last few days, regardless of this, I want to give a short update about the current wave count. It is very likely that we have finished wave (iii) and are in a wave (iv) correction. The wave 4 correction should reach the green Fibonacci zone at $20372-$18950. Please note however that wave 4 corrections can behave according to the statements listed below.
Wave (iv) characteristics (Crypto)
1. Price often moves inside a triangle or wedge.
2. Price barely touches 0.236 retracements.
3. Wave (iv) correction can be very short-lived.
Regarding these rules, it is possible that wave (iv) is already done, however it is most likely that we will dive deeper into the green Fibonacci zone at $20372-$18950.
In addition to this it could be possible that wave (iii) isn’t over, for this scenario to be validated we need further price surges into the orange Fibonacci zone.
Thank you for reading the update and see you next Tuesday!
Vincent Mendenmein
Note
Yesterday evening bitcoin hit the 2.414 extension and i have reason to believe that we finished wave (i). It's still possible that we may overshoot this level slightly but the whole impulse seems to be loosing momentum.We will cover this more detailed in our upcoming update next tuesday, stay tuned!
Note
New Update for Tuesday 24.1.2023
If you should have any questions regarding our analysis or elliot wave counts feel free to contact us.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
If you should have any questions regarding our analysis or elliot wave counts feel free to contact us.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.