Ethereum may be one last bullish cycle before correction?
Let's see
In the last days the price of Ethererum forms a double floor at $ 218 dollars. Validating that support.
The bullish cycle analyzed in previous days is not invalidated since the price forms a double floor and the price rebounds to the upside.
Elliot Wave Analysis
Analysis according to Elliot
Analyzing the chart, we see that measuring the last bullish cycle with the Fibonacci retracement gives us that the price touches 0.382 and rebounds. This type of pullback occurs in 4 waves, 5 waves of the bullish cycle.
We can see in the graph that waves 3 and 4 are complete
This allows us to measure the target of a 5 fibonacci wave
Elliot subwaves in bullish momentum
Elliot Subwaves
Within this wave 5 we can define 5 elliot sub-waves as we see in the graph
Analyzing the chart we can define a bullish sub momentum. We see the beginning of a bullish momentum, that if we analyze with sub waves of elliot we could identify the first 4 waves fulfilled and project the 5 wave
How the target is determined
If we measure the height of the first 3 secondary waves and their correction to the 4th wave, we can project a target with the Fibonacci extension.
This allows us to measure the target of a 5 fibanacci wave
If we apply Fibonacci extensions, we can define a possible wave 5 target, which would take the price up to $ 270 dollars
Moving Averages
If we analyze the price of ethereum it is between the mean lines MA of 21 periods and that of 50 periods, graph 1D.
Price should break 21-period daily median line to continue uptrend
Bullish
Target: range from $ 235 to $ 245 approx. (compliment)
Target: range from $ 270 to $ 280 approx.
Bearish
- Target: range from $ 210 to $ 215 approx. (compliment, double flour form)
After completing wave 5 of elliot, you need to make a price correction.
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