ETH/USD Elliott Wave technical analysis [Video]
|ETH/USD Elliott Wave technical analysis
-
Function: Follow Trend.
-
Mode: Motive.
-
Structure: Impulse.
-
Position: Wave 5.
-
Direction (Next higher degrees):
-
Wave cancel/invalidation level:
Ethereum/US Dollar (ETH/USD) – Trading strategy:
Ethereum continues to move within a bearish Wave C structure, part of a broader Zigzag correction pattern. The current decline is within sub-wave (5), which is in progress and may be nearing completion. Ethereum is presently developing sub-wave (3) of wave (5). A short-term upward correction in wave (4) is anticipated before the final leg down completes wave (5).
Trading strategies:
-
Strategy:
-
For short-term traders (Swing trade):
-
Consider long positions once buying pressure and a bullish signal appear near the $1,470 support area.
-
-
-
Risk management
ETH/USD Elliott Wave technical analysis
-
Function: Follow Trend.
-
Mode: Motive.
-
Structure: Impulse.
-
Position: Wave 5.
-
Direction (Next higher degrees):
-
Wave cancel/invalidation level:
Ethereum/US Dollar (ETH/USD) – Trading strategy:
Ethereum remains in a downward wave C movement within a larger Zigzag correction pattern. Sub-wave (5) of this move is still forming and could finish soon. It is currently in sub-wave (3) of (5). A brief upward correction in wave (4) is expected before the final drop concludes wave (5).
Trading strategies:
-
Strategy:
-
For short-term traders (Swing trade):
-
Watch for bullish confirmation and increased buying activity around $1,470 to consider long entries.
-
-
-
Risk management:
-
(No details provided)
-
TradingLounge Analyst: Kittiampon Somboonsod, CEWA.
ETH/USD Elliott Wave technical analysis [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.