Ultimate EW projection on ETH
Updated
Almost a month I published and idea titled "ETH, triangle or ABC?" where I start discussing which figure the market was printing.
A few hours after that chart, the price declined heavily downwards which gave us an important profit. So I was watching support levels and Elliot Waves behaviour and I´m still convinced that this is either an ascending triangle or a diagonal 3-3-3-3-3 that has already started, and the odds step by step are going into the diagonal side.
As you can see in the top chart, we haven´t made a 1-5 move down from the last top touch, we did an abc . If we were making an ascending triangle , the whole move down to the base of the triangle it should be an abc , made of 1 impulsive wave (1-5) 1 corrective wave ( abc ) and 1 impulsive wave (1-5). What we have done is 1 abc and 1 abc . That´s a diagonal 3-3-3-3-3 behaviour, so the bottom chart is the one that is getting more value in the current scenario.
How to trade this mess? There is big resistance in BTC at 4040-4080 and 149 in ETH. So what I´m going to do is entering at 4025 BTC and 142 ETH, with SL in BTC at 4100 and 149 ETH both positions risking 5% of my trading capital.
If the bulls are able to break that resistance and push the price in BTC above 4250 within the next wave, then that move is CHANGING the market dramatically and things will turn bullish . But under EW perspective, that´s not possible, and the strength and volume is decreasing again, so I really don´t think is gonna happen.
Let me know what you guys think and leave your comments down below :)
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A few hours after that chart, the price declined heavily downwards which gave us an important profit. So I was watching support levels and Elliot Waves behaviour and I´m still convinced that this is either an ascending triangle or a diagonal 3-3-3-3-3 that has already started, and the odds step by step are going into the diagonal side.
As you can see in the top chart, we haven´t made a 1-5 move down from the last top touch, we did an abc . If we were making an ascending triangle , the whole move down to the base of the triangle it should be an abc , made of 1 impulsive wave (1-5) 1 corrective wave ( abc ) and 1 impulsive wave (1-5). What we have done is 1 abc and 1 abc . That´s a diagonal 3-3-3-3-3 behaviour, so the bottom chart is the one that is getting more value in the current scenario.
How to trade this mess? There is big resistance in BTC at 4040-4080 and 149 in ETH. So what I´m going to do is entering at 4025 BTC and 142 ETH, with SL in BTC at 4100 and 149 ETH both positions risking 5% of my trading capital.
If the bulls are able to break that resistance and push the price in BTC above 4250 within the next wave, then that move is CHANGING the market dramatically and things will turn bullish . But under EW perspective, that´s not possible, and the strength and volume is decreasing again, so I really don´t think is gonna happen.
Let me know what you guys think and leave your comments down below :)
IF YOU FIND THIS INFORMATION USEFUL, PLEASE HIT THE LIKE BUTTON AND FOLLOW ME.
Open your account in Bitmex and get a 10% discount on your trade fees bit.ly/2UiJzzT
Open your account in Binance bit.ly/2Hbo1Bn
Note
Note that the current level is being a hard resistance as well. I would not be surprised if the price can´t even make it higher.Note
Guys I entered short at 140 finally, I don´t want to be out of this. My SL is at 150Note
The resistance I spotted worked as a clock. Now the bears need to take control again pushing the price under 140 to starts seeing real selling pressure.Note
Don´t forget to give me some support by making click on the like button :)Note
There is no way to back to retest of the 160 levels. I´m not sure how long it will take until the falling, but it won´t take much. TA I use is in full bear mode. What we could see is a sideways week, but I even think that´s not gonna happen...the drop is imminent.I have just opened a free telegram channel where I´ll be posting my ideas together with some information on how to trade my signals.
Feel free to join me at t.me/Babyjungletrading
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