Ethereum - Descending channel is breaking down! 33% crash soon?
- Hmm, the situation is grave indeed. Maybe a change of plan is needed!
- On the daily chart we can clearly see an ascending channel or maybe a bear flag , but I prefer the channel. Ascending channels are bearish patterns, and this channel is very close to a breakout.
- This is a bullish Elliott Wave count, and we need to complete an ABC correction to start a third impulsive wave upward! As you can see, we started this uptrend with a nice impulsive wave.
- Now the question is, where is the support? You can use the 0.618 FIB or POC of the previous structure to set a limit buy order if you are a bull for the next major wave to the upside.
- But I am bearish and it's possible that we reach even lower prices like 880 USDT in the immediate short-term.
- Because ETH is far more powerful than BTC , Bitcoin can fall dramatically while ETH only slightly.
- I expect tremendous gains for GLM. You can find this altcoin in the related section down below.
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