ETHUSD daily chart is looking a lot like BTCUSD chart from March onwards. If we follow the similar patterns from BTCUSD, I believe we are going to form a double top around $840 mark and then fall back to the $550 mark at the upward trend line from July 2017, if we happen to break that trend line the picture is very gloomy. The wave analysis is subjective so I have two scenarios in my mind.
Scenario #1 is as described above where the bottom on april 5th was end of A wave of correction, and we are currently in subwave c of B going up towards 840ish and from there wave C will go down in three subwaves.
Scenario #2 says the April bottom was end of correction and the May High was end of new 12345 Impulse wave and we are currently in B of upward correction with target around $727 and then move down in C leg with sub 500 targets.
For now indicators tick all the boxes for an upward movement.
PS: I am not a professional trader or financial advisor. This chart is pure speculation and not a financial advice by any means. Please trade at your own risk and Good Luck.
Scenario #1 is as described above where the bottom on april 5th was end of A wave of correction, and we are currently in subwave c of B going up towards 840ish and from there wave C will go down in three subwaves.
Scenario #2 says the April bottom was end of correction and the May High was end of new 12345 Impulse wave and we are currently in B of upward correction with target around $727 and then move down in C leg with sub 500 targets.
For now indicators tick all the boxes for an upward movement.
PS: I am not a professional trader or financial advisor. This chart is pure speculation and not a financial advice by any means. Please trade at your own risk and Good Luck.
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Manually Closed positions at 620 & 626.50. Will re-add at the dip.
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