ETH. test $ 176 and growth to $ 300.

13. Nov. 2018

After the start of the correction, ETH sellers have formed a clear falling channel in which the price is traded from January 2018. In September, sellers tested the bottom trend line of the channel. This test took place on large volumes:

After such volumes, consolidation began and there is a high probability of breaking this consolidation up. However, the last candles show that sellers still have the power:

now the price is approaching the middle of the falling channel. Also, the end of November will end the consolidation triangle, in which the price is traded on September 10.
So now there are two possible options:
1) Buyers are gaining ground in this consolidation and the first goal after breaking the triangle upwards is $ 300. At this price a large amount of liquidity:

2) sellers try the consolidation triangle down with the first goal of $ 176.

On wave analysis, I see that in the price of $ 176 a wave Y = 0.618 * W:

wave c in the wave Y = 0.786 * a.
therefore, I find the level 176 strong and after the break of the consolidation triangle down there is a scenario of a sharp rise to $ 300.
Also, the top line of the incident channel is at $ 300.
Given all this, I expect a breakdown of the consolidation triangle. With breakdown up, growth should extend to $ 300
When breakdown down, I will see what will be the situation near the level of $ 176 and whether there is a chance to start growth.

15. Nov. 2018

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