I have drawn what I believe might happen on ETH for the rest of this year, which marries up with what I believe might happen on BTC which i will post as another idea shortly.
So at the moment I believe we might have completed 5 EWs during July and August as drawn in yellow, and we have just come out of the ABC correction (in red) where we ended up double bottoming. Then we have created wave 1 and 2 of another set of EWs and we are in the middle of wave 3 going up… this has also created an inverse head and shoulders pattern on an ascending triangle which I don’t even know if that means anything or not but it looks good haha.
Chart showing this:
Last night was full moon and market usually goes up during a full moon cycle and down during a new moon (I have drawn those blue horizontal lines above showing these)
This indicates that if we break this important resistance where ETH is at the moment, we might head up to around $3600 for top of wave 3, retrace back to $3400 for wave 5 and then shoot up to $4000 to finish wave 5. This is also towards the end of August/start of September and the start of the new moon period (which usually means down and September also means down as well due to futures contracts).
This is when I believe we will put in the ABC correction, which will take us back down to the current resistance area which will be support at around $3400-$3600.
You will notice this will create a head and shoulders pattern and the bears will think they are back in business, but then End of September/start of October comes and the bulls (together with the power of the full moon) are back to take what’s theirs and they start to create another 5 EWs…. Now forming an inverse head and shoulders, breaking, closing and retesting in early October to then take us to retest ETH ATH at around $4400 middle of October (which is when I believe BTC will also test ATH).
We then create wave 4, then wave 5 takes us to $5500 ETH by November 😊😊😊😊😊
You will see the red trend line which is not sustainable as it’s too parabolic, so I believe the correction in September will allow the blue trendline to take place for a longer more sustainable run to long term $10k ETH.
Chart showing this:
PS: I think these are little mini waves/micro trends, within this bigger macro EW which takes us to $10k by end of this year/start of next year.
Maybe I have lost my mind a little bit in this EW rabbit hole hahaha but to me it makes sense. Hopefully it does to you too 😊
So at the moment I believe we might have completed 5 EWs during July and August as drawn in yellow, and we have just come out of the ABC correction (in red) where we ended up double bottoming. Then we have created wave 1 and 2 of another set of EWs and we are in the middle of wave 3 going up… this has also created an inverse head and shoulders pattern on an ascending triangle which I don’t even know if that means anything or not but it looks good haha.
Chart showing this:
Last night was full moon and market usually goes up during a full moon cycle and down during a new moon (I have drawn those blue horizontal lines above showing these)
This indicates that if we break this important resistance where ETH is at the moment, we might head up to around $3600 for top of wave 3, retrace back to $3400 for wave 5 and then shoot up to $4000 to finish wave 5. This is also towards the end of August/start of September and the start of the new moon period (which usually means down and September also means down as well due to futures contracts).
This is when I believe we will put in the ABC correction, which will take us back down to the current resistance area which will be support at around $3400-$3600.
You will notice this will create a head and shoulders pattern and the bears will think they are back in business, but then End of September/start of October comes and the bulls (together with the power of the full moon) are back to take what’s theirs and they start to create another 5 EWs…. Now forming an inverse head and shoulders, breaking, closing and retesting in early October to then take us to retest ETH ATH at around $4400 middle of October (which is when I believe BTC will also test ATH).
We then create wave 4, then wave 5 takes us to $5500 ETH by November 😊😊😊😊😊
You will see the red trend line which is not sustainable as it’s too parabolic, so I believe the correction in September will allow the blue trendline to take place for a longer more sustainable run to long term $10k ETH.
Chart showing this:
PS: I think these are little mini waves/micro trends, within this bigger macro EW which takes us to $10k by end of this year/start of next year.
Maybe I have lost my mind a little bit in this EW rabbit hole hahaha but to me it makes sense. Hopefully it does to you too 😊