Ok so we all saw the correction coming and now we are looking for a bottom.
Sentiment is turning bullish (which can indicate time to sell) and some downtrend lines are broken. ETH has even printed a higher high on the 4hr chart, but is looking overbought, and will not print a daily higher high until it gets above $985
It seems most likely we will head down somewhat from here and I have shown 2 possible outcomes. I feel like the chart is missing another 5 wave to the downside to complete the double 535. I also have some downside targets from my linear chart which are yet to be completed.
However a large push above the red downtrend line and the green head and shoulders neckline would negate any further downside and indicate we are in the wave 3 of a bullish motive wave.
Lets see how it plays out...
Sentiment is turning bullish (which can indicate time to sell) and some downtrend lines are broken. ETH has even printed a higher high on the 4hr chart, but is looking overbought, and will not print a daily higher high until it gets above $985
It seems most likely we will head down somewhat from here and I have shown 2 possible outcomes. I feel like the chart is missing another 5 wave to the downside to complete the double 535. I also have some downside targets from my linear chart which are yet to be completed.
However a large push above the red downtrend line and the green head and shoulders neckline would negate any further downside and indicate we are in the wave 3 of a bullish motive wave.
Lets see how it plays out...
Its beginning to look like we are beginning a wave 3.