ETHBTC: expect a small correction before next big wave

in cryptocurrency •  8 months ago

Three wave correction will be a great opportunity to add to longs

ETHBTC chart is following Elliott Patterns like a textbook sample. On the shorter time frame ethereum reached another high against bitcoin to complete wave (v). This will complete wave 1 of a much larger trend. A three wave a-b-c correction is expected before next rally.

Ideally to add to another long position I'm looking to buy at 61.8% retracement around level 0.06 or 100% a-c wave extension. If those two levels line up, then that will be a good support.

ETHBTC: 4h chart

I already covered a few times longer term chart so lets be brief. From march to June ETHBTC followed 5 impulsive waves. At that time ethereum reached around 90% of bitcoin market cap. As usually impulsive waves are followed by three corrective waves ABC. It is important to note that wave A and C were impulsive.

After correction ended, ETHBTC started a new leg up. We have a new impulsive wave to the upside which is impulsive, signaling correction is over. I'm looking for a small corrective wave 2 before the next wave to the upside.

My first target is 100% extension at 0.165. I believe that will be followed by a high resistance simply because at that price Ethereum will reach bitcoin market cap. Second longer term target is 0.254 or 161.80% extension.

ETHBTC: 1hr chart

I will keep monitoring the market and keep you guys informed.

Follows and upvotes are appreciated :)


Disclaimer: The information contained herein is author's opinion, does not purport to be comprehensive and is strictly for information purposes only. This is not a financial advice. It should not be regarded as investment/trading advice.

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You have good arguments about the Ethereum coin. I also think the same about that currency very good content has a good information I congratulate you. I would be very grateful if you go through my blog and you support me I have little time here. Thanks greetings. You have my vote and I am a new follower @ctyptouniverse

Wouldnt that be awesome, ETH reaching same MC as BTC haha. Btw have you ever done a technical analysis on total marketcap of crypto?

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Attalis my friend, great to see you again. ETH not only will reach, but it will exceed bitcoin market cap, it will only take time. I think both will go up, but ethereum at a faster pace. Lets keep our fingers crossed :)

No I haven't done market cap analysis. I will certainly have a look into that.

surely every analysis you already understand well the market situation, although this is not an invitation, but only an analysis. I really appreciate how you work

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Thanks a lot

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Buen inicio brot