Ethereum - Final 24% drop before a new all time high!
- Ethereum is now in an extremely difficult situation because the price is at the resistance of this symmetrical triangle and also inside the bearish rising wedge pattern on the daily chart! These patterns are bearish, so the probability of breaking down is higher at this point. Of course, we can breakout bullish, but do you really want to bet on it?
- What's more, it looks like the first impulse Elliott wave has been completed, and we should take a look for a potential buying level on the next bull run! An ABC correction is on the way, and in this case personally, I am targeting the previous POC or the 0.618 FIB of the impulse wave, which is a 24% drop.
- The very good news is that this triangle has impulse waves to the upside and corrective waves to the downside. It's a sign of trend reversal, and that's why I think this symmetrical triangle will break to the upside (later)! I think the bull market has started, but we are still stuck in this symmetrical range.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
- As you can clearly see, we have an unfilled GAP, and it is very dangerous to go up without filling it. The reason is that the market will want to fill the gap later, maybe in 2024, and you probably don't want it. So let's fill it now.
- If you haven't seen my previous very popular idea about "Bitcoin to 18K," "The big crash is coming!" You have to check out the related section down below, because it's absolutely mind-blowing.
- Currently I am bearish on Ethereum and Bitcoin, but only temporarily until we reach my targets. It's hard to speculate on the breakout of the symmetrical triangle while the price is still inside it. So from my perspective, the probability of going down is 75%.
- It was a very good rally with tons of profits, but now we need to trade the market differently. Of course, it will be more difficult for the majority of traders, but it is doable!
- Thank you, and for more ideas, hit "Like" and "Follow"!
