ETH 02.05.2021 Macro View, is the party over?
in my eyes, not yet. at least not for good.
with the slow creeping bullish impulses of the last days, ETH managed to hit the 161,8% extension target of wave 1 at 2980.
Therefore Elliot wise, we would be looking for a pullback to around 2165 to form wave 4. before another extended wave 5 and another attack of the highs or even to around 3,5k.
Trend-wise, we have broken the ascending Channel since the Jan 2021 lows. This is definitely a bullish sign, and should not be ignored. Jumping shorts, just because we hit a target and are "high" is a "no-go"
For the first confirmation of weakness look for a drop below 2800. Below 2650 and previous ATH, this can accelerate to the short site.
If we see the price drop to mentioned levels, 1930- 2165, can be very rewarding levels for another swing long to ATH and 3,5k.
Summary: Overall Picture is still super bullish, but the air is getting thinner! Be careful with new longs, as scalps only should be played at current levels and wait for solid confirmation for shorts.
Overall a good day, to wait and see what happens and act accordingly.
Trade Safe!
JT
with the slow creeping bullish impulses of the last days, ETH managed to hit the 161,8% extension target of wave 1 at 2980.
Therefore Elliot wise, we would be looking for a pullback to around 2165 to form wave 4. before another extended wave 5 and another attack of the highs or even to around 3,5k.
Trend-wise, we have broken the ascending Channel since the Jan 2021 lows. This is definitely a bullish sign, and should not be ignored. Jumping shorts, just because we hit a target and are "high" is a "no-go"
For the first confirmation of weakness look for a drop below 2800. Below 2650 and previous ATH, this can accelerate to the short site.
If we see the price drop to mentioned levels, 1930- 2165, can be very rewarding levels for another swing long to ATH and 3,5k.
Summary: Overall Picture is still super bullish, but the air is getting thinner! Be careful with new longs, as scalps only should be played at current levels and wait for solid confirmation for shorts.
Overall a good day, to wait and see what happens and act accordingly.
Trade Safe!
JT
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