Hi Traders!
Technical analysis is a game of probability and statistics. Situations in which there are several possibilities of future development are nothing special on the market, and this is exactly the case today. Even an experienced trader cannot clearly determine in which direction the asset will move. However, what he knows to do is to identify the options and then use the course to determine which of the scenarios is being met. So today we look at ETH.
1. BULLISH
In this scenario, ETH will break the previous maximum in the coming days and simply go up. In that case, we could say in retrospect that we have reached the local bottom and continue to grow. Of course, this is the best option. Personally, I give it the slightest chance, but it is a relevant scenario and it is even quite common in the crypto bull market.
2. TRIANGLE
A classic scenario in which we admit that we are in a triangle. It is still early for us to be able to clearly determine it. At this point, for example, we can be only completing potential wave B. If this scenario will be confirmed, we wouldn’t reach a new maximum and should fall to the level of USD 1,460 within a few days. Subsequently, we would go to the side for the rest of the month, and by the end, ETH could start to grow.
3. ABC CORRECTION
In the case of correction, ETH would reach a new low in this structure. It could be around USD 1,000. This scenario is the most drastic, but on the other hand, the hodlers would have the opportunity to buy.
CONCLUSION
We have outlined 3 options that could currently be applied to almost the entire market. It is in a slight correction and we do not yet know exactly what this correction will look like and whether a correction is not ending. So we have to wait until the charts tell us a little more.
May the crypto be with you!
Technical analysis is a game of probability and statistics. Situations in which there are several possibilities of future development are nothing special on the market, and this is exactly the case today. Even an experienced trader cannot clearly determine in which direction the asset will move. However, what he knows to do is to identify the options and then use the course to determine which of the scenarios is being met. So today we look at ETH.
1. BULLISH
In this scenario, ETH will break the previous maximum in the coming days and simply go up. In that case, we could say in retrospect that we have reached the local bottom and continue to grow. Of course, this is the best option. Personally, I give it the slightest chance, but it is a relevant scenario and it is even quite common in the crypto bull market.
2. TRIANGLE
A classic scenario in which we admit that we are in a triangle. It is still early for us to be able to clearly determine it. At this point, for example, we can be only completing potential wave B. If this scenario will be confirmed, we wouldn’t reach a new maximum and should fall to the level of USD 1,460 within a few days. Subsequently, we would go to the side for the rest of the month, and by the end, ETH could start to grow.
3. ABC CORRECTION
In the case of correction, ETH would reach a new low in this structure. It could be around USD 1,000. This scenario is the most drastic, but on the other hand, the hodlers would have the opportunity to buy.
CONCLUSION
We have outlined 3 options that could currently be applied to almost the entire market. It is in a slight correction and we do not yet know exactly what this correction will look like and whether a correction is not ending. So we have to wait until the charts tell us a little more.
May the crypto be with you!