mirror mirror
Current move down looks like either wave A of a wave IV that started in november, or wave C of a flat wave IV that started in may. Either way changes are this wave is impulsive which means we should get a strong move down in the near term.
I am overall long ETH but near term looks weak. We do however have a near term swing long opp with bullish bat shown around 2650-2910 with a target of 3500 (target 1) and 4000 (target 2). Very likely red channel shown will bust as 2910 is extremely likely soon. Will likely be bullish divergence on daily RSI. Should be a strong corrective wave 4 since wave 2 was relatively flat. Looking for long term buys in the 1400 - 2025 range. A close above 4000 invalidates the wave count and thesis.
I am overall long ETH but near term looks weak. We do however have a near term swing long opp with bullish bat shown around 2650-2910 with a target of 3500 (target 1) and 4000 (target 2). Very likely red channel shown will bust as 2910 is extremely likely soon. Will likely be bullish divergence on daily RSI. Should be a strong corrective wave 4 since wave 2 was relatively flat. Looking for long term buys in the 1400 - 2025 range. A close above 4000 invalidates the wave count and thesis.
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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.