Ethereum made a perfect ABC correction and hit my targetbox, followed by a strong bounce.
I could write a long story here about all sorts of supports, resistances, harmonic patterns, h&s, bla bla but I like to keep it simple:
We might see some correction after this strong bounce but based on my Fibo calculations, its pretty clear to me that ETH is going for $ 460 at least. We might see some corrections and some downside when trying to crack the yellow down trendline and previous tops but we'll get there ;-)
Happy trading!
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After strong bounce a correction. Possible bouncing area on the chart.
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Small update: ETH bounced indeed and broke out of the downtrend which is a good sign for my expectations. After this breakout its doing some correction (retest of trendline) right now before it continues up.
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ETH broke prevoious top, so the road is free to go further up. I'm looking at this scenario:5 legs up towards yellow trendline before we might see a bigger correction. Long term target will come on the carts by then.
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mid term target reached....its pumping so it might break out above the yellow trendline but I'm expecting some consolidation or even pullbach here before futher up
Main problem I have with ETH is that ETH/USD is bullish (fully agree with your view), but ETH/BTC looks more bearish to me. So I guess BTC will go to $6000 and ETH somewhat follow. So for now I prefer to be long BTC.
humphreyl
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I know you just look at the chart but the recent "news" about china halting all bitcoin purchases in China could adversely affect the near term.
Wallstmessiah
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this is what is happening in market, and how you get fooled by tha short covering Wave B: Prices reverse higher, which many see as a resumption of the now long-gone bull market. Those familiar with classical technical analysis may see the peak as the right shoulder of a head and shoulders reversal pattern. The volume during wave B should be lower than in wave A. By this point, fundamentals are probably no longer improving, but they most likely have not yet turned negative
volume was low in wave B, that one day record volume was not buying but margin calls on shorts. see how much difficulty you are facing climbing upwards