eth to drop some more before going back up
Updated
i think we're in a bullish ABC right now, and are currently within the larger B wave at this moment. and are about to begin the c wave on the B's subdivision.
The larger B wave appears to subdivide as an abc with a clear 5-3-5 setup of which the first 5-3 has been made already. We are on the cusp of the final c and its 5 wave, of which will then complete the larger B wave. After that I expect a bullish 5 wave going to highs we haven't seen in a while lol, But, not after a higher low is formed in the completion of B. This coincides with the need for a higher low on longer timeframes, eth needs this in order to build the momentum to go back up. My guess is that it will come back down to the 750 area at least before it will really rise again.
Also it appears that an ascending wedge has been forming, which in this case i think is a bearish signal indicating the small c drop. the rsi and chaikin confirm the wedge, and the macd appears to be approaching a crossover down.. The drop should complete a reverse head and shoulders which would indicate the rise back up on the large c.
all signs are corroborating each other as it seems to me..
The larger B wave appears to subdivide as an abc with a clear 5-3-5 setup of which the first 5-3 has been made already. We are on the cusp of the final c and its 5 wave, of which will then complete the larger B wave. After that I expect a bullish 5 wave going to highs we haven't seen in a while lol, But, not after a higher low is formed in the completion of B. This coincides with the need for a higher low on longer timeframes, eth needs this in order to build the momentum to go back up. My guess is that it will come back down to the 750 area at least before it will really rise again.
Also it appears that an ascending wedge has been forming, which in this case i think is a bearish signal indicating the small c drop. the rsi and chaikin confirm the wedge, and the macd appears to be approaching a crossover down.. The drop should complete a reverse head and shoulders which would indicate the rise back up on the large c.
all signs are corroborating each other as it seems to me..
Note
oh and obviously that 5 subwave was drawn sloppily. its only there to show the idea lolNote
Price has broken Downward out of the wedge just as predictedNote
i spoke a lil soon at the time. the ascending wedge compressed a bit more before breaking out downward.. But, it indeed did break downward as i thought, and right now it seems to be heading in the expected direction. i still expect it to come to mid 700's before a bounce-backNote
well it didn't go as planned, lol, but i've updated my ideas and the link is below
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