Tuesday Update 17.01.2023 - ethereum
The past week has been difficult for me and my team, the unexpected pump invalidated our primary bearish scenario and because of this I want to present you our updated bullish count. I have said it many times, bitcoin and Ethereum will establish an bullish reversal if they would breach above the marked green resistance lines.
On the chart above you can see our bullish scenario in Ethereum, which counts the high from the 14th of August as wave 1 and the low from the 22th of November as wave 2. We estimate that Ethereum might still be in it’s yellow wave (iii) or it might be already in the corrective wave (iv). As many of you hope, we expect the market to advance higher in the upcoming days. After a complete 5-wave setup Ethereum should loose momentum and we will correct to the downside until we reach the blue fibonnaci retracements. If Ethereum will manage to regain enough momentum we can expect that a very impulsive wave (ii) of wave (3) will start.
We will continue to build up long positions in the blue Fibonacci zone!
Please notice that we are already invested in Ethereum since the 15th of June, back then we announced our first positions here on tradingview.
Read the full statement here: https://www.tradingview.com/chart/BTCUSD/0gevyDBt-BTC-Our-most-important-analysis-about-Bitcoin-ever/
There is a slight chance that we Ethereum could still expand further to the downside, the chart of our bearish scenario can be seen below. I wrote about this massive triangle before, it still gives me reason to be concerned about the whole movement of the past days.
If you should have any questions whatsoever you can write a comment or contact me directly!
Long Ethereum (ETHUSD)
AVERAGE EXECUTION PRICE: 1’057.6$
STOP-LOSS: NONE
LONGERM Target: +8’000$