Wave Analysis: Although Wave B is not confirmed, it appears we are in Wave C down of a ZigZag. ZigZag's are correction waves labeled ABC. We can expect price action to stay within the elliot wave channel if our AB wave count is correct. Our first price target will be the bottom of wave a, and the second target the .382 retracement level.
BTCUSD
Correlation: We previousl posted how
ETHUSD
is correlated to Bitcoin and pointed out how ETH had not followed bitcoin down recently. We can reasonably expect ETH to snap back and follow bitcoin.
Momentum Analysis: Weekly momentum is bearish and daily momentum is bullish. This will be a great trade setup when the daily momentum flips back to bearish and our bearish entry signal flashes. As usual, we will place 2 trades when this happens with 2 price targets.
BTCUSD
Correlation: We previousl posted how
ETHUSD
is correlated to Bitcoin and pointed out how ETH had not followed bitcoin down recently. We can reasonably expect ETH to snap back and follow bitcoin. Momentum Analysis: Weekly momentum is bearish and daily momentum is bullish. This will be a great trade setup when the daily momentum flips back to bearish and our bearish entry signal flashes. As usual, we will place 2 trades when this happens with 2 price targets.