ETH Very Long Term - Currently Short - Large ZigZag
Updated
Hi guys,
After having a lot of time to think about ETH (years)... I think I finally have come up with a long term idea for it that I really like.
I think that ETH is not currently impulsive (like all of crypto, it is just corrective waves). I think we are now in Wave-C of Wave-B, which will be a major short, possibly all the way down to the 61.8% retracement of A at $10 (it also lines up with the control line on the volume profile for all of ETH right now, and the channel there will meet up with that retracement at AB(of Wave-B) time =C.
Overall, I think ETH is a ZigZag, and the larger Wave-C, when it happens, will be massively bullish. But for now and the foreseeable future, we have Wave-C of Wave-B to contend with, and it will be very bearish.
ETHUSD
I can't give a real reason as of yet why we will be so bearish, but it probably is a crypto wide event. Maybe ETH 2.0 won't be all it's supposed to be and have issues... maybe the global economy will crash crypto... maybe there will be a war... any number of reasons could potentially cause crypto to crash (or at the very least ETH) and so I am just laying it out from a TA perspective, without reasons why for the waves are the way they are.
Not trading advice, but I'm pretty proud of this one, haha. Let me know your thoughts... I expect to get quite a lot of resistance to this idea because it is pretty hard to believe how bearish it could really go, but I don't mind hearing that side of things either.
After having a lot of time to think about ETH (years)... I think I finally have come up with a long term idea for it that I really like.
I think that ETH is not currently impulsive (like all of crypto, it is just corrective waves). I think we are now in Wave-C of Wave-B, which will be a major short, possibly all the way down to the 61.8% retracement of A at $10 (it also lines up with the control line on the volume profile for all of ETH right now, and the channel there will meet up with that retracement at AB(of Wave-B) time =C.
Overall, I think ETH is a ZigZag, and the larger Wave-C, when it happens, will be massively bullish. But for now and the foreseeable future, we have Wave-C of Wave-B to contend with, and it will be very bearish.
ETHUSDI can't give a real reason as of yet why we will be so bearish, but it probably is a crypto wide event. Maybe ETH 2.0 won't be all it's supposed to be and have issues... maybe the global economy will crash crypto... maybe there will be a war... any number of reasons could potentially cause crypto to crash (or at the very least ETH) and so I am just laying it out from a TA perspective, without reasons why for the waves are the way they are.
Not trading advice, but I'm pretty proud of this one, haha. Let me know your thoughts... I expect to get quite a lot of resistance to this idea because it is pretty hard to believe how bearish it could really go, but I don't mind hearing that side of things either.
Note
Comment: I jumped the gun a bit on this idea, but overall I still think it is valid. I think ETH might have the potential to head to $510 if it hasn't hit its high (it is the 61.8% of the last down move, which is the maximum retracement of the A wave that B can make and still be a valid ZigZag pattern). Any higher than that and the idea as it is isn't valid and I'll need to rethink it.That doesn't mean that it NEEDS to hit that, but it should be the allowable maximum.
Note
The drop should be now.
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