Etherium & Litecoin - Bull Trap ahead !
Updated
(This analysis is the same for LItecoin!)
3 waves have been completed since the high of 1400.
I think we might be in an impulsive wave down noted by the Alt : X count. (yellow boxes)
Or in a (ABC) move (pink)
In both cases, price is (close) to a bottom therefore should startht to find it's way a bit higher.
The question is, how high will it go ??
My prefered thought is, it will try and test the upper channel line, probably break a bit outside of it but still fall lower after.
I don't think we have seen the end of this bear market because majority of retail traders are still mostly long positioned on all cryptos and unless there is a shift in sentiment and traders start going mostly short by the time we touch the upper channel, I don't think price will go any higher.
Once we reach a higher price, we also need to look at the subwaves to figure out if we are in a correction or starting a new rally higher.
**Conclusion**
We will see price go higher but it's going to be another bull trap, so, don't buy into it !
3 waves have been completed since the high of 1400.
I think we might be in an impulsive wave down noted by the Alt : X count. (yellow boxes)
Or in a (ABC) move (pink)
In both cases, price is (close) to a bottom therefore should startht to find it's way a bit higher.
The question is, how high will it go ??
My prefered thought is, it will try and test the upper channel line, probably break a bit outside of it but still fall lower after.
I don't think we have seen the end of this bear market because majority of retail traders are still mostly long positioned on all cryptos and unless there is a shift in sentiment and traders start going mostly short by the time we touch the upper channel, I don't think price will go any higher.
Once we reach a higher price, we also need to look at the subwaves to figure out if we are in a correction or starting a new rally higher.
**Conclusion**
We will see price go higher but it's going to be another bull trap, so, don't buy into it !
Note
Is the correction coming now ?Note
Notice the bullish divergence. Price should stop going much lower for now.Note
Target 2 reached.Note
I will post my ideas here for easier access t.me/em16public
Note
Price finally started to go higher.5 waves up indicate more upside movement to come.
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Questions? Chat or Comment on Ideas
Don't forget my public Telegram channel -
t.me/em16public
Thanks !
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