Ethereum (ETH / USD) New Momentum Up Daily Engulfing Candle - From $ 360 to $ 520?
Ethereum today shows a price with an engulfing daily candle. Could Ethereum continue to rise?
Today we will see if etheruem could still reach $ 520 dollars or if it will continue to correct the price?
Let's see
The price of ethereum seems to have found a support days ago at 310 dollars and has started a new upward cycle forming a double bottom
I have drawn several uptrend lines on the chart, to take into account
Today the price generates a bullish engulfing candle that if it closes at these values, it would be a bullish indicator
Elliot wave analysis
Analysis according to Elliot
I have updated the elliot waves considering that Ethereum continues its bullish cycle, completing a wave 4 of 5 elliot waves of the main cycle of 5 elliot waves
Analyzing the graph, we can say that we are starting on a wave 5 of 5 main waves of elliot.
Elliot Subwaves
Within these 5 main waves we can analyze and define elliot subwave cycles
We can identify a new cycle 5 subwaves of elliot as we see in the graph
Analyzing the chart we can define a bullish sub momentum. We see the beginning of a bullish momentum, that if we analyze with elliot sub waves we could identify the first 2 waves fulfilled and project the remaining waves of elliot
In subwave 1 the price reached $ 360 dollars and 2 corrected the price to approximately $ 315 dollars and today we are seeing an upward momentum that could reach approximately $ 450 dollars in wave 3.
As we see today, we are starting, the upward momentum of a wave 3 and then wait for the correction of a wave 4.
How is the objective determined?
If we measure the height of the first secondary wave and its correction to the second wave, we can project a target with the Fibonacci extension for waves 3 and 5
If we apply Fibonacci extensions, we can define a possible objective of wave 5, it could take the price up to $ 520 dollars approx.
If you go back more than $ 300, cancel this elliot analysis
Bullish
Target: between $ 235 and $ 245 approximately. (compliment)
Target: range from $ 270 to $ 280 approx. (compliment)
Target: range from $ 310 to $ 320 approx. (compliment)
Target: range from $ 350 to $ 360 approx. (compliment)
Target: range from $ 440 to $ 450 approx.
Other possibility
We must always consider the downside possibilities. We can consider that wave 4 of the main count is not forming.
It could be forming an elliot ABC cycle, where A would be fulfilled and we are seeing a bullish retracement to form B.
It will depend as far as B goes, to be able to project the C wave.
Bearish
- Target: between $ 250 and $ 230 approximately for a possible wave C
What you think?
Remember to give your post a vote, Always support good content. ThanksFollow me it costs you nothing and you get a Healing Reward with Your Vote
Protect your assets use Stop loss
The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
We will continue monitoring
To be attentive
Protect your Investments
Lately I have noticed that there is no good analysis on steem, everything takes time, I ask that as you read them leave your vote, it is a way to encourage you to continue making more reports, thanks.
Feel free to use and share my post or graphics, but please mention, @criptoar as the author. Otherwise, consider plagiarism and I will call you and advise my friends to do the same.
READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment.
If you make exchanges or investments after reading this publication, it is entirely at your own risk. I am not responsible for any of your gains or losses. By reading this publication, you acknowledge and agree that you will never hold me liable for any of your profits or losses.
Vote for the post.
Always support good content.
Follow me it costs you nothing and you get a Healing Reward with Your Vote