EthereumLong
Basic Elliot Wave Pattern
Updated
On a daily chart read it looks like the storm is over. I am a beginner at this but I've been keeping up with what the big dogs have been saying and it seems they don't really know what to make of the chart recently so I might as well put my hat in the ring. By following the trend line from its inception it looks as though we have just finished an elliot wave cycle and are about to go into a new one. Ethereum has found support at 364, and it both severely oversold, as well as has had the MACD indicate is the time to buy.
I expect the new resistance line to be at around 450. I recommend buying now. Target for first wave, idk probably around 800, stoploss should be between 3 and 6 percent below entry point based on your risk comfort level.
I am not a professional, anything I say is for educational purposes only, this is only what I think. Don't base your trades on what I say, make your own decisions based on your own research. I can not be held legally liable for any losses you may have if you base your trade on information I provided.
I expect the new resistance line to be at around 450. I recommend buying now. Target for first wave, idk probably around 800, stoploss should be between 3 and 6 percent below entry point based on your risk comfort level.
I am not a professional, anything I say is for educational purposes only, this is only what I think. Don't base your trades on what I say, make your own decisions based on your own research. I can not be held legally liable for any losses you may have if you base your trade on information I provided.
Note
Upside targets based on Fibbonaci, 492, 561,630downside, 269
Note
Something I forgot to look at was the hourly Bollinger band chart before I bought. Expect it to go down at first but I expect the new hourly support to be around 380
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