Hi everybody, this is my first Ethereum update on steemit. I hope you guys like it!
4h
The B wave seems to be completed exactly at the 61,8% Fib retracement, which is a common retracement for a B wave. Ethereum is rejecting that resistance so I assume that ETHUSD is heading much lower into black wave "C" towards $500 where C equals A in length. It's basically the same setup like in Bitcoin. It has to com down..
But don't be sad or scarred. This will be a perfect moment to buy some more ;)
Dear marketmaven1,
At first, thx for your post my friend.
Secondly, imo eth will not fall back too far. It is very unlikely that it reaches the 500$ region. It is more probable that it bounces at the 600$ mark if it goes down. But yeah it is unlikely that it reaches the 500$ mark but not impossible (I would say a chance of 15%).
But maybe I am talking nonsense because your ta looks good but yeah I just think that it does not tend to happen. I do not know.
We will see soon.
Yours truly,
Gandalf The White
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Thanks for your reaction. And yup we will see what happens next. But it has definitely to come down. You need to see this as a slingshot. How deeper the fall, how bigger the explosion ;)
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You are welcome my friend.
Okay, I will mark your words. I mean if it really is an Abc correction then you are right with a drop but I have to admit that I am not the boss of ta; just knowing some stuff but need to improve that (especially the elliott waves). Yeah, that is true. ;D
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I hope for the sake of my investments that this wave will not happen, which most probably won’t as Ethereum’s price depends on the price of bitcoin. The only way I see it going the path you suggest is if there’s another bubble in the price of bitcoin which at this point everything is possible
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Sorry to hear mate. An alternate scenario is a double bottom. C drops then towards the end of wave A (+-$750). Yesterday I wrote that Bitcoin probably would drop again and we are dropping today. It will happen all at the same time. One final drop whereafter we'll go to the moon :)
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I don’t panic over these scenarios. I kind of got used to it now. In case it drops I’ll buy more😏🤑. However I still hope that it will get some grip and go up.
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