ETHUSD on the daily chart showed a classic Elliott 5-wave growth directly from the textbooks on technical analysis.
Yesterday's update on the maximum and today's rollback is a serious bid for the reversal pattern "Double top". And as soon as the vertex is found, a large three-wave correction will begin, the classical ultimate goal of it is the point at the very beginning of the last, vertical fifth wave of growth.
That is, for Ethereum - the $ 700 mark.
In addition, that’s -50% of the maximum. According to our observations, this is the most common correction value for cryptocurrencies. (For example, Ripple recently fell from $ 3.5 to $ 1.6)
To sum up all of the above, we recommend selling Ethereum for a buyback in the area of $ 600- $ 800
Aggressive traders can look for a short with the first goal of about $ 1000
The cancellation of the idea and the search for a new vertex is in case the day closes above $ 1500.
Yesterday's update on the maximum and today's rollback is a serious bid for the reversal pattern "Double top". And as soon as the vertex is found, a large three-wave correction will begin, the classical ultimate goal of it is the point at the very beginning of the last, vertical fifth wave of growth.
That is, for Ethereum - the $ 700 mark.
In addition, that’s -50% of the maximum. According to our observations, this is the most common correction value for cryptocurrencies. (For example, Ripple recently fell from $ 3.5 to $ 1.6)
To sum up all of the above, we recommend selling Ethereum for a buyback in the area of $ 600- $ 800
Aggressive traders can look for a short with the first goal of about $ 1000
The cancellation of the idea and the search for a new vertex is in case the day closes above $ 1500.
