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
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 ;)
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
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
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 :)
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.