Ethereum, 19 Nov. Re-Accumulation Triangle?
ETH bounced at the lower boundary of the pitchfork. It has not quite reached the .382 fibonacci retracement, which sometimes happens when demand is high. There remains a risk that ETH still tests the .382 fib mark.
Elliott:
We can count a complete wave (c) with five subwaves (in green). Should price decline further, we adapt the count to an ending diagonal. If ETH re-accumulates, we count a leading diagonal to time the breakout.
Geometry:
The smaller pitchfork provides resistance, while the lower boundary of the larger pitchfork is likely support. This gives us a triangle (yellow area) in which price could re-accumulate over the next days.
Planets:
As some financial astrologers have pointed out, the lunar eclipse often coincides with a bottom and re-accumulation after a crash. Astrologically, an eclipse means that old things/habits/circumstances culminate and then break down, which gives space for a new beginning.
How I trade it:
My bias is bullish as long ETH does not drop below .382 fib mark (bottom of the blue box). This allows for a ‘fakeout’ in case price drops out of the pitchfork to scare the bulls. The idea is to let ETH re-accumulate and add longs when price breaks back into the smaller pitchfork. This keeps us safe in case we are in a bear market. The intention is to trade the next wave to the upside. A move below the .382 fib mark would invalidate the idea.
Elliott:
We can count a complete wave (c) with five subwaves (in green). Should price decline further, we adapt the count to an ending diagonal. If ETH re-accumulates, we count a leading diagonal to time the breakout.
Geometry:
The smaller pitchfork provides resistance, while the lower boundary of the larger pitchfork is likely support. This gives us a triangle (yellow area) in which price could re-accumulate over the next days.
Planets:
As some financial astrologers have pointed out, the lunar eclipse often coincides with a bottom and re-accumulation after a crash. Astrologically, an eclipse means that old things/habits/circumstances culminate and then break down, which gives space for a new beginning.
How I trade it:
My bias is bullish as long ETH does not drop below .382 fib mark (bottom of the blue box). This allows for a ‘fakeout’ in case price drops out of the pitchfork to scare the bulls. The idea is to let ETH re-accumulate and add longs when price breaks back into the smaller pitchfork. This keeps us safe in case we are in a bear market. The intention is to trade the next wave to the upside. A move below the .382 fib mark would invalidate the idea.
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.