ETH: Bullish Impulse or Correction Waves
The chart should be self explanatory, but here's the rundown:
Should the current bullish pressure continue, 5th Impulse Wave (blue) has to clear the 3180$ Resistance.
Failing to do so would cause the price to be rangebound below 3K and above the pivot (Purple).
Further rejection at the pivot will plunge the price towards 1643$.
Worst case scenario:
Blue Impulse Wave turns out to be a correction wave (ABC).
Gets rejected at 3180$ and Wave C breaks towards 1643$.
Trade carefully.
Should the current bullish pressure continue, 5th Impulse Wave (blue) has to clear the 3180$ Resistance.
Failing to do so would cause the price to be rangebound below 3K and above the pivot (Purple).
Further rejection at the pivot will plunge the price towards 1643$.
Worst case scenario:
Blue Impulse Wave turns out to be a correction wave (ABC).
Gets rejected at 3180$ and Wave C breaks towards 1643$.
Trade carefully.
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