Enjoyed reading this, not too deep on TA, only understand the basics from watching too many TA videos. I think the next leg up for ETH is just a matter of when, however, I don't have much of a mental model on how it plays out with the overall cycle. Calls have been made that the cycle will top at Q4, others are saying H1 of next year. Would it be a slow and steady climb or a violent blow off top kind of chart and then a steep decent downwards?
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Thanks for the comment and glad you enjoyed it ๐ You really hit the nail on the head: we rarely know how a wave 5 will play out, only that it builds if the previous coil holds. My view is simple: if ETH holds $4K on the weekly close, wave 5 is next. How it plays out โ no one really knows. Most likely it wonโt be a slow grind; weekly structure points to โup onlyโ until the top. The tricky part is the peak itself โ it usually hides behind bullish continuation and can last for weeks before the reversal shows.
Thanks for the explanation. That's what I wanted to be a bit sure of, "up only" until to the top sounds like the window for entry if the 5th wave starts could be slim. Also, the peak itself masking bullish continuation that lasts for a few weeks presents a relatively ample time to exit, I think.
Yes spot on! ๐