ETHUSD big 5 wave cycle complete or nearing completion
Firstly I'm sure "big" is not the proper jargon, but I'm not a trader so everything here is just personal lay opinion.
Ethereum seems to have reached the end of a large 5-wave cycle. What does this mean for ETH and the market as a whole? Certainly not all coins are at the same stage of their cycles. For example LTC is much older and NEO is much younger, so I wouldn't necessarily draw any conclusions regarding the cryptospace, this applies just to ETH.
So if this was wave 1, we must expect a pullback, i.e. wave 2. However, I don't say this will necessarily be a heavy correction and I expect sideways movement to the trendline. It is also very probable we will see another DOUBLE TOP at ca. 1400.
Comment is welcome.
Ethereum seems to have reached the end of a large 5-wave cycle. What does this mean for ETH and the market as a whole? Certainly not all coins are at the same stage of their cycles. For example LTC is much older and NEO is much younger, so I wouldn't necessarily draw any conclusions regarding the cryptospace, this applies just to ETH.
So if this was wave 1, we must expect a pullback, i.e. wave 2. However, I don't say this will necessarily be a heavy correction and I expect sideways movement to the trendline. It is also very probable we will see another DOUBLE TOP at ca. 1400.
Comment is welcome.
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I should be careful when I use qualifiers like "very" and "probable". I just say a double top is possible and has historic precedence. Same goes for sideways action.
