Today we will talk about cryptocurrencies, specifically Ethereum (ETHUSD), its price action from a technical point of view, and wave structure from the Elliott Wave perspective.
Well, as you already know, the Crypto market is in a massive rally and after recent sideways price action and corrective wave structure, seems like there's room for more gains, especially for ETHUSD in which we see a bullish development based on two different interpretations.
In the first count, we are tracking a bullish triangle formation within wave 4, where the final wave »e« is still missing before we will see a break into new all-time highs for wave 5.
In the second count, we are observing a completed wave 4 correction, which can be followed by a new five-wave impulse within wave 5 that can push the price straight into all-time highs with room even up towards 2500 area.
What we want to say is that, be aware of a bullish continuation on Ethereum at the beginning of April, but only if the price manages to stay above the 1520 invalidation level.
Be humble and trade smart!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Thanks for the work on this. I'm new and haven't explored Elliott waves yet, so I can't comment on that, but I appreciate the support/resistance line drawn on the Bullish Impulse chart. That was a line I wasn't previously tracking.
sehinz
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The count is not clear on alt crypto although TOTAL2 gives us an indication of the path