Foreign Welcome to another update video about Ethereum there are not too many price News therefore I will keep it short here We are still in this triangle we still Have the chance to go down lower in a Wave 2 here so overall since this strong Decline from the 9th of November there Is now a chance for a continuation of The overall bullish case which is still The primary scenario which means that The move that occurred from the 9th of November to the upside can be counted as Wave one and we are now in a wave 2 to The downset and would afterwards move up In a wave 3. The Wave 2 my primary Expectation has not bottomed yet it Could have but to really get evidence That Wave 2 has bottomed I want to see a Break above the 1290 level above this Red resistance Zone which is so dominant Here on the chart okay So until that is the case until we Really get above that level I will Predominantly consider that um or yeah View it that way that Wave 2 hasn't Bottomed yet Um I explained that in the previous Video this is all part of the bullish Case even if we come down short term a Little bit lower So at the moment my view is that this Wave 2 consists of A w x y pattern
And That the Y wave obviously consists of ABC that's what they do right Um which is then here A B C and we could Very well be in this B wave at the Moment and I want to give you a target For the B wave as well we get that by Taking the retracements of the wave a And you can see that a key Target would Actually be the 50 FIB retracement which Is at 12 37. There would be an ideal Target I mean a Wave B already can stop at the 38.2 Percent flip level 1225 already reached and that's exactly The resistance where we are now Um if it goes higher the next stop would Be 12 37. and then I would predom Primarily expect it to come down in a c Wave and it would be important to hold The Um 11 30 level then off the wave C so Wave C would ideally hold 11 30 and then We can finish Wave 2 off and move up Is a breakout a direct breakout to the Upside possible as well yes but again I Would like to see evidence that we move Above 1290 until then I will probably Consider the wave C still to come Um So yeah larger triangle pattern what Would be the bearish outcome well we Need to differentiate between Um if we
Don't hold the 11 30 area And we break to the downside then we Will most likely have a chance to find Support at 10.75 As long as that's the cave We can still wait for a Wave 3 to the Upside and the bullish outcome But then we will have a very deep wave To retracement but it wouldn't be Invalidated it will really only get Invalidated below 10.75. Even below 1075 I could just move this Larger wave to over and consider still a New beginning of a wave 3. so that all Should tell you that the a bullish Outcome is still quite likely and the Reason is because we just have so many Support levels to work through and there Is just such a distance between the Current price action and the June low I Mean the June low was at 880 whereas Bitcoin just needs to drop a little bit And it suddenly is already making a new Low okay Okay so Um yeah you should now know the bullish Case and the bearish case no real change To previous outcomes and one more thing Maybe to mention in the in the real Bearish scenario Which is the drop below one thousand Dollars if that level doesn't hold then Yeah then we're probably going to lose The June low and we'll see the 650 level
And just to give you an indication of The overall wave count Um we would then have here in in some Way I mean again there's multiple Possibilities here and I keep a close Eye on on several of them but Um in one interpretation obviously we Would say this here was a wave one here Wave two down in a three this year is a Way for triangle and we come down in a Five and then it depends on how long is The wave five yeah so we we don't really Know yet which scenario is playing out Therefore these key levels Um very important below 11 30 this blue Count will already get well at least Um some attention but until we break Below 1075 I wouldn't really focus on it Too much um But it's possible because the sideways Range here in a triangle could just be a Fourth wave which breaks to the downside But the triangle can also have a bullish Component so that's why triangles are Um Patterns of indecision really yeah we we Don't really know until we have a clear Signal and um yeah in this sort of wave Four triangle we would say this was a Wave a b c d e and would break out to The downside in The Next Step so you Should now know all these key support And resistance areas all the key Fibonacci levels and from which uh pivot
Point or decision level or important Level here the bullish and bearish Scenarios get more likely okay that's my Update about ethereum I hope you like The update if you did please hit the Like button leave a comment and Subscribe and if you really like the Content then please check out the Channel membership thanks a lot for Watching bye Thank you