ETH- Can the Ethereum hardfork push the price to complete a cup?
Ethereum has made an unorthodox double top formation. For a rally up, we'll need to breakthrough the ceiling created by the two tops that I've circled. If we break through that level, there's a high probability that the price will move up to create a cup in an Elliott wave formation.
The price may move down initially and bounce at the 1st level breakout zone/support to create a triple top. If the price falls through, there's a high chance that we'll be testing the 2nd level breakout/support.
A major upcoming event is the hardfork scheduled for January 14th.
Will the hardfork be enough to push the price above the double top ceiling and create a cup?
Once the chart completes a cup shape we'll need to wait for a solid handle formation, a slight regression, then once it breaks above the cup again, we can bet that there will be great opportunities for profit.
We'll need to keep a close eye on the market.
Leave a like and share your opinion on the comment!
The price may move down initially and bounce at the 1st level breakout zone/support to create a triple top. If the price falls through, there's a high chance that we'll be testing the 2nd level breakout/support.
A major upcoming event is the hardfork scheduled for January 14th.
Will the hardfork be enough to push the price above the double top ceiling and create a cup?
Once the chart completes a cup shape we'll need to wait for a solid handle formation, a slight regression, then once it breaks above the cup again, we can bet that there will be great opportunities for profit.
We'll need to keep a close eye on the market.
Leave a like and share your opinion on the comment!
Trade active:
Long
Ethereum broke past the ceiling and currently sitting above $164. Now's a good entry point. We can expect a slight move down to maybe around $150 initially, but a move up to $190-200 in an Elliott form is highly probable!
Ethereum broke past the ceiling and currently sitting above $164. Now's a good entry point. We can expect a slight move down to maybe around $150 initially, but a move up to $190-200 in an Elliott form is highly probable!
Comment:
I'll give a more detailed update with a chart when I have more time.
Comment:
Sorry I was meant to say $180 instead of $190-200.
$180 is a neckline and if we break through that, we can move up to $190-200 to get closer to finishing the cup.
So $180 is the first long target.
$180 is a neckline and if we break through that, we can move up to $190-200 to get closer to finishing the cup.
So $180 is the first long target.