EthereumLong
ETH, An overly optimistic Wolfe Wave scenario
Updated
I like Wolfe waves. They are simple and dramatic, easy to understand and have a cool name. More importantly, If this is playing out as intended, it means big things will happen for ETH.
Given the recent debacle and price debauchery, we could fantasy a scenario in which ETH has way more upside than downside. To support it, we can see a bullish div forming, and oversold indicators across timeframes.
Yes this is a crazily optimistic idea and potentially very foolish to think ETH can head back up to ATH that quickly. Let's see how this plays out
Given the recent debacle and price debauchery, we could fantasy a scenario in which ETH has way more upside than downside. To support it, we can see a bullish div forming, and oversold indicators across timeframes.
Yes this is a crazily optimistic idea and potentially very foolish to think ETH can head back up to ATH that quickly. Let's see how this plays out
Note
The Strong bounce plays in favor of our fantasy scenario. Couple more arguments to support the major uptrend theory:
* BTC is now readjusting from the first round of major dump. With the "positive" segwit2x news, we can expect an overall bull week
* ETH has been favored by the bears. It's a perfect short squeeze candidate.
A more conservative target would be somewhere in the $250 range
Note
ETH is doing great and has been following the expected trendline like a champion. It is hitting now a bit of resistance and would probably benefit from a little bit of consolidation. The Ethereum Alliance news is big (entethalliance.org/enterprise-ethereum-alliance-becomes-worlds-largest-open-source-blockchain-initiative/) and reinforces my belief in the pattern hitting high targets.
Onwards!
Note
$250 - Conservative target reached ETh is taking a breath and is gathering its strength for the next round. A probably retrace to $190-$200 wouldn't be surprising, but it is also possible it will hover in the 225 range in side moves...
Next target is $275-$300
Trade closed: target reached
An update way overdue, but better late than never... Took longer that expected but target was reached, $20 shy before pullback. After that small consolidation it was on and beyond. What a ride it's been.
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