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Ethereum - 76% crash to 389 USD! (must see, bear flag)

由UnknownUnicorn2537518提供

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My analysis shows an impressive crash is prepared on ETH after 427 days of consolidation in this bear flag on the weekly chart! It was a long time, and ETH has been going pretty much sideways. Now we have to expect huge volatility!
The trendline of the bear flag is clearly breaking down with an ABC Elliott wave corrective pattern, which strengthens the bearish bias. It also looks like a wedge, but a wedge should have a 5-wave structure (a leading diagonal Elliott wave pattern). So this is a bearish pattern, and a 76% crash is absolutely coming in the next few months.
You probably don't have too much time to think about what to do with your investments, but consider if you can handle a 76% crash on your spot or futures holdings. My recommendation is to sell, as it's too risky to hold it, and buying cheap ether later in 2024 is definitely juicy!
Now what is the target, and where will the bottom be on ETH? We have a strong confluence at 389 USD and 387 USD because this is the Fibonacci 0.618 level of the previous bull market on the LOG scale and also because this is a 1:1 Fibonacci extension from wave (A) -> wave (B) of the current bear market! What's more, we have a first point of control over the volume profile, which you can see on the left side of the chart.
This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
As you know from my previous ideas, I expect Bitcoin to hit 10k next year. What would be really weird if BTC dropped and ETH rose? So 10k on BTC and 389 on ETH are my targets.
I also checked more altcoins, such as DOGE, SHIBA, XRP, and LTC, and none of them looked bullish. The best is to stay in USD.
Write a comment with your opinion, because I look forward to it!
Thank you, and for more ideas, hit "Like" and "Follow"!

註釋

Let's zoom in on the bull flag and see my Elliott Wave count of the ABC correction:

註釋

Important question, will we see a retest of the flag? The probability is generally pretty high. If this happens, that would be a great opportunity to short ETH!