Hello, dear friends!
Yesterday we told about Bitcoin, which has to show us just another one leg up before crash. We have almost the same picture on Ethereum, but it has more crash potential and we are going to use it. I decided to open short not only on BTC, but also on ETH. Today I am going to show you the exact level.
Let’s take a look at the 1h time frame of the ETHUSDT chart of the WhiteBit exchange. Here we can also see that the wave 3 has been finished and now the asset is trying to find the wave’s 4 bottom. Wave 4 has 3 end conditions:
- Awesome oscillator zero level crossover.
- Reaching the Fibonacci 0.38-0.5 zone.
- Reaching the wave 4 bottom of the lower gegree wave cycle in the wave 3.
Conditions 1 and 3 have been met. I suppose that price should squeeze down to $1237 before the wave 5 start.
Let’s measure the target for wave 5. Wave 3, obviously was extended, that’s why wave 5 will be ordinary. It has the two targets: wave’s 1 length and wave’s 1 lenght multiplied by 1.61. To set the new high the second target should be the case. Therefore, $1274 is my target to short the ETH. Watch out my updates, I will show the underlying structure of wave 5 to have the sniper short trade entry.
Best regards, Ivan
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