ETHUSD - Overview on Daily Timeframe and Potential Wave count
Ethereum (
ETHUSD
) seems to be in the process of completing a 5th impulsive wave. In detail, we believe that wave 5 is incomplete as the buying momentum is still in place, and divergence hasn't built up strongly enough.
There is, in consequence, a potential for a small pullback to the downside which would be just part of wave 5 extension.
For the time being, therefore, on this pair we will monitor the completion of the aforementioned 5th wave, and, once completed, we will analyze price structure for potential sell setups in the coming medium term downside correction that will consequently follow wave 5.
In relation to cryptocurrencies, let us remind all traders that any attempt of forecasting based on wave and structural analysis has to be taken very conservatively, as these financial instruments could not have been traded in the markets for a long enough time to consolidate their structure and make a valid projection possible.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
ETHUSD
) seems to be in the process of completing a 5th impulsive wave. In detail, we believe that wave 5 is incomplete as the buying momentum is still in place, and divergence hasn't built up strongly enough. There is, in consequence, a potential for a small pullback to the downside which would be just part of wave 5 extension.
For the time being, therefore, on this pair we will monitor the completion of the aforementioned 5th wave, and, once completed, we will analyze price structure for potential sell setups in the coming medium term downside correction that will consequently follow wave 5.
In relation to cryptocurrencies, let us remind all traders that any attempt of forecasting based on wave and structural analysis has to be taken very conservatively, as these financial instruments could not have been traded in the markets for a long enough time to consolidate their structure and make a valid projection possible.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.