ETH - One more wave lower
ETH looks like it is doing an ABCDE correction of sub wave 4 before completing wave 5 of C. I believe wave 5 of C, will be the same length as wave 1 of C. This will give a bottom of around $785.00. This appears to tie in with the expected bottom of BTC at around $8400.00. These are primary counts and are the minimum that prices will still drop. There are alternate counts that show prices going even lower. For now I am going with my primary count.
[url=https://imgur.com/JjRAWPC][img]
[/img][/url]
This chart is for my personal trading and entertainment purposes only. Please do your own Due Diligence before investing in any token and never invest more than you can afford to lose.
Please Up Vote, Re Steem and follow if you find this information helpful or entertaining.
Hey gmrbostwana, as promised, my upvote.
Good work on this. Not sure if you read my post yesterday (on the forum) about some time frames I've been observing. Basically I said that I've noticed (since I joined in early Nov) that corrections tend to be 1-2 days long (give or take) and the bottom is found at around noon (GMT)...(although thinking about it its probably more around 15:00 to coincide with the US east coast waking up)..anyway the main point is that...it did hit a bottom yesterday at around that time frame and that value also matched the value you have on the chart ($760 or so)...so I actually thought that was the true bottom.
I then saw your earlier post about a possible further fall...and I've also seen other analyst say the same thing....so I guess the chances are "quite high"
I guess only time will tell though.
If we do fall again what would be your guess on price range? (Don't worry I'm a HODLer..so doesn't affect me too much...i.e. I won't wait and buy at those prices.)
Thanks!
Thank you for the upvote. Much appreciated.
I did see your post on the forum,but it is not really one that I can answer, with regard to the time of day that highs lows etc happen. When I do TA, I ignore everything except the price action on the chart in front of me. My experience is that if I allow outside information like news, events etc to come into my TA it effects my EW counts and I end up with bad TA.
We are definitely in for another drop according to my TA and the bottom should be around the $700.00 region. There is very strong support there and the 5th wave will be about the same length as the first wave, which is normal when the 3rd wave is extended.
With regard to corrections, the time frame varies. On 5 impulsive waves, waves 2 and 4 are corrective waves. One of these will be a short sharp correction and the other will be a longer drawn out correction. It always alternates, so it is easier to tell what wave 4 will do, once you have seen what wave 2 has done. After every 5 waves there is a deeper ABC correction and these tend to always be slow and drawn out.
Hodler is a good strategy and there are many traders out there who would make far more if they followed your example than they ever will trading.
Thanks for the quick reply!
Yea no worries on the timing part (I did see your same reply to someone else on the forum). So in your opinion right now...do you think:
1: it'll be a quick hit on the $700 area and then a quick bounce back up (e.g. say from $700 to $850..then slowly going back up)? Because I was just thinking how back in Dec ETH had a quick dip to like $500 area or so (different sources say given different figure)
2: Once we hit that $700 it'll be back up to your target of $2k+ (from the $5k prediction post). This is my observation so far...in Nov we went from around $350 to $510 (about 50% increase) then the next ATH of $850 was an increase of about 55-60% from $510. Then from $850 we hit $1400 (about 60%)...so from $1,400 to $2k+ will be around that same percentage more or less.
(Of course...I don't expect a straight up to $2k lol).
Trust me....its quite annoying to see that if I had sold say at $1,200 and bought back in at $900...thats still a good 30% gain. The thing is...its "easier" to make more money when you invest at lower prices....i.e. say if I invested $10k at $100 and then the price increased to $10k...then thats $1M....but if say I invested the same amount but at a price of $10...then the price just needs to get to $1k to make $1M...but I see that going to $10k price would be a lot harder than going to $1k...solely because I think a lot of people see a $1 trillion dollar market cap as something really crazy...and so could be hard to hit and then surpass it. I did a post on the forum explaining how $1trillion is possible..and it did change some ppl's minds...but its the majority that counts I guess. My point is that ideally I'd like to build up a bigger portfolio whilst prices are still "low".
Thanks again!