Welcome to our Elliott Wave Analysis for Ethereum! :D
We assume that we bottomed on the 3rd of August and started an impulsive move up from there displayed as the white 5 wave move up. We assume that the white Wave 1 and 2 are finished and we are working on the 3rd Wave. We added a smaller degree count for this white Wave 3 displayed in green of which we finished Wave 1,2 and probably 3 too and could have started the green Wave 4. The support area for the green Wave 4 is between the 0.236 FIB at 3892 USD and the 0.5 FIB at 3870 USD. Technically we touched the 0.236 FIB already which means the green Wave 4 could be in.
We added the 1.382 FIB target at 4069 USD and the 1.618 FIB target at 4159 USD for the white Wave 3 where the green Wave 5 should take us to in this impulsive count.
In case we break the green Wave 4 support area and invalide the green 5 wave move up the alternative is a diagonal which means the white Wave 3 would be an ABC displayed in red instead which would allow us for a deeper retracement. For the red B Wave we added a support area between the 0.382 FIB a 3806 USD and the 0.886 FIB at 3591. There is also the white trendline which goes directly through the golden picket which could function as further support. The golden pocket is also slightly below the white Wave 1 high which could spark some buying interest if we get a deeper retracement.
We hope you enjoyed the analysis and you're now well prepared for coming price action!
Thanks for reading.
NO FINANCIAL ADVICE.
We assume that we bottomed on the 3rd of August and started an impulsive move up from there displayed as the white 5 wave move up. We assume that the white Wave 1 and 2 are finished and we are working on the 3rd Wave. We added a smaller degree count for this white Wave 3 displayed in green of which we finished Wave 1,2 and probably 3 too and could have started the green Wave 4. The support area for the green Wave 4 is between the 0.236 FIB at 3892 USD and the 0.5 FIB at 3870 USD. Technically we touched the 0.236 FIB already which means the green Wave 4 could be in.
We added the 1.382 FIB target at 4069 USD and the 1.618 FIB target at 4159 USD for the white Wave 3 where the green Wave 5 should take us to in this impulsive count.
In case we break the green Wave 4 support area and invalide the green 5 wave move up the alternative is a diagonal which means the white Wave 3 would be an ABC displayed in red instead which would allow us for a deeper retracement. For the red B Wave we added a support area between the 0.382 FIB a 3806 USD and the 0.886 FIB at 3591. There is also the white trendline which goes directly through the golden picket which could function as further support. The golden pocket is also slightly below the white Wave 1 high which could spark some buying interest if we get a deeper retracement.
We hope you enjoyed the analysis and you're now well prepared for coming price action!
Thanks for reading.
NO FINANCIAL ADVICE.
Trade active
Technically we did enter the green Wave 4 support area after adjusting it for the last leg up.Trade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.