SUMMARY
Nothing goes up straight without corrections and Ethereum (ETH) is no exception. The short term wiggles and squigles can often seem like a fish out of the water; this is why one needs to be longer term greedy. To me, this longer term is at the daily degree of trened that spans several to many months and not minutes or hours or a few days.
To give perspective, the below chart shows how price went up in a five wave climb and it was done is a very uncanny manner. What happens after five waves complete? Elliott Waves states that after five waves, there must be a requisite correction or retracement. IF that's the case currently with ETH, then that retracement has started. Would it be a very deep correction? It's possible but more probable for it to retrace around 0.38 to 0.5 Fib levels. IF this is a genuine trend reversal, and I believe it is; then sentiment will overall remain buoyed and lift the Cryptosphere and be supported by the MACD indicator swing up as well.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
Great post, and so true.
Thanks for this post.
Excellent article about the cryptocurrency!
Good insights! Eth is a strong buy IMO. I'll just wait to drop a little more
Nice succinct explanation @haejin
Eth will soon 1000-1200$ zone...
It's Awsome and massive move will enjoy soon
Grab asa much as u can
Thanks for the logical explanation. It makes sense that after a 5 uptrends for there to be a reversal, reversals are healthy because This "correction" is small. I don't understand how the MACD indicator shows a swing up? Can someone explain this? This feels like a self-fulfilling prophecy.
Source
I could close my eyes, be blindfolded, spin around 10 times, then try pissing into a toilet & get better accuracy percentage than that!!!
For investors from Germany, Switzerland or Austria, there is a tool in development for making the taxation easy. It's called Blockpit and gives you an overview of all your accounts (Binance, Coinbase, KuCoin, etc.) and automatically created reports for your taxes. It can also be used to have an overview of all your transactions including fees. Sign up here www.blockpit.io/ref/hDym5z7
Flagged for SPAM.