Three wave correction will be a great opportunity to add to longs
ETHBTC chart is following Elliott Patterns like a textbook sample. On the shorter time frame ethereum reached another high against bitcoin to complete wave (v). This will complete wave 1 of a much larger trend. A three wave a-b-c correction is expected before next rally.
Ideally to add to another long position I'm looking to buy at 61.8% retracement around level 0.06 or 100% a-c wave extension. If those two levels line up, then that will be a good support.
ETHBTC: 4h chart
I already covered a few times longer term chart so lets be brief. From march to June ETHBTC followed 5 impulsive waves. At that time ethereum reached around 90% of bitcoin market cap. As usually impulsive waves are followed by three corrective waves ABC. It is important to note that wave A and C were impulsive.
After correction ended, ETHBTC started a new leg up. We have a new impulsive wave to the upside which is impulsive, signaling correction is over. I'm looking for a small corrective wave 2 before the next wave to the upside.
My first target is 100% extension at 0.165. I believe that will be followed by a high resistance simply because at that price Ethereum will reach bitcoin market cap. Second longer term target is 0.254 or 161.80% extension.
ETHBTC: 1hr chart
I will keep monitoring the market and keep you guys informed.
Follows and upvotes are appreciated :)
Disclaimer: The information contained herein is author's opinion, does not purport to be comprehensive and is strictly for information purposes only. This is not a financial advice. It should not be regarded as investment/trading advice.
EW failed us :(
You have good arguments about the Ethereum coin. I also think the same about that currency very good content has a good information I congratulate you. I would be very grateful if you go through my blog and you support me I have little time here. Thanks greetings. You have my vote and I am a new follower @ctyptouniverse
Wouldnt that be awesome, ETH reaching same MC as BTC haha. Btw have you ever done a technical analysis on total marketcap of crypto?
Attalis my friend, great to see you again. ETH not only will reach, but it will exceed bitcoin market cap, it will only take time. I think both will go up, but ethereum at a faster pace. Lets keep our fingers crossed :)
No I haven't done market cap analysis. I will certainly have a look into that.
surely every analysis you already understand well the market situation, although this is not an invitation, but only an analysis. I really appreciate how you work
Thanks a lot
Buen inicio brot