In the latest update I defined two support levels aka bears' targets at 8020 & 7780. The first was hit overnight:
Overall, since early May there were no safe entries for buyers. Now we are looking for one in the 7800 area. Important levels are drawn on the chart. If the price doesn't drop down there or should this zone be breached, the safest entry is to trade the upper trendline breakout.The red dashed line is the trigger.
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If the price follows the 5-waves scenario, these are the target levels for ETH:
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Possible wave count:
To be on the safe side wait for a second bottom to form.
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As the wave pattern remains unclear, volatility has been squeezed recently. The pattern is very similar to that on May 3 and May 10. We are going to see a sharp move quite soon.
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H&S bottom would be great here. But it takes time (and more squeeze) to form.
