Foreign Welcome to another update video about Ethereum it's um it's a complete messy This this price structure a little bit Like like Bitcoin and if you've just Watched my Bitcoin video you basically Know sort of the the outcome of this Video as well because it is very very Similar we've got the same situation Here it's just the ethereum chart still Is in a overall possible bullish trade Setup and basically a long trade setup And Bitcoin isn't yeah Bitcoin isn't There is of course a possibility for Bitcoin to move higher from where it is But it is of course way less probability Um than Bitcoin than ethereum because Ethereum is putting a completely Different structure in ethereum on the Higher level structure is putting in Here a wave one to the upside since June Into August it moved up in a five wave Structure and is now coming down in a Wave two so this basically suggests an Overall long trade setup Bitcoin is Currently basically down here it's made A new low right so Bitcoin doesn't Really have that long trade setup on the Miner or on the on the micro chart yeah It has a possibility there but also There I'm losing confidence at the Moment due to the messy messy price Structure and the sideways movement Which just doesn't show a lot of
Strength we always need to bear in mind That we are in a weekend and you know we Can't you see that very often sideways Movement but we have seen it many many Times as well that out of the blue the Charts just moved out and moved to the Upset even though it looked like we are Going to come down but you get these and As soon as we especially in the current Situation where we're just waiting to Put that third wave in we need to look Out for those bullish possibilities Um we had a similar situation here yeah Where also we were hovering above a key Support level and started to move up Um It was the obvious setup for me but also Here a lot of people said we go down Of course we can go down But what I'm saying is that ethereum has This higher level long trade setup it Does it has it so It is something we need to consider okay And this is still as long as we're Holding above 11 30 the primary Expectation for if it's a bit different For Bitcoin where I don't really have Much confidence anymore that it's going To hold the pattern Um but I did explain all that in the Bitcoin video I did please watch it um On the eighth chart here the difference Between Bitcoin is that Bitcoin that Ethereum still can go lower all the way
Down to a thousand dollars that's really The last key level of support if it Loses that level then we can say hello To 650 and maybe even lower Um I did discuss prices Um earlier you know what could happen if We go below 650 well there isn't much Left but then we're looking at the area Between 200 and 350. Um And that would be in the bearish pattern So we can take a look at that as well But in the very short term here first of All we are putting in a possible bullish Setup which is this one from the low From the 9th of November we moved up in A wave one Again I did say from the start this is Actually only a three wave pattern you Can count it as five but it would be a Truncated wave which is not high Reliability Um and then we would now be putting in a Wave two basically so that's sort of Similar to bitcoin and the wave three to The upside and in this pattern what I Would like to see To fulfill this it would be here the Continuation in the move down basically What we have here I know it looks a bit Messy maybe I'll take out some of the Sub waves maybe I do let me take those Out on them Um
I don't need them anymore And yeah I'd like to see them take them Out and it makes a bit clearer take Those out as well So Um this is overall an A W X Y pattern in This Wave 2 and in the Y wave we've got A sub wave structure a B and I would like to see The wave C but This would be great this would be Fulfilling sort of the short-term Expectation but looking at the Indicators it doesn't really look like It anymore that it's going to come down From here Um because in the very very short term It starts to see some green Candles now Yeah it's pushing From Below against That resistance If we take a look here on there that's The one hour now but take a look at that If we take a look here on the one hour On the Mac to the macd we see it's Pushing it might even be pushing pushing In a or putting in a bullish cross over Um the RSI is above 50 as well so it's Pushing okay so it might actually not Put in that additional low and This can always happen right Um so we just need to be aware that we Are in this range ideally I'd like to See that lower low but it could very Well be you know it's it's putting in
Something like this so you know we were Doing micro counting here one two Coming against the resistance of the Triangle then a three four five in wave C so We're still hovering yeah around the 12 10 level it's a very very relevant level Um overall we're still in a broader Range again this is nothing for Trend Traders here that's if you're a range Traders for you or if you have a trading Bot What you need to understand below 11 30 It's going to get more bearish and below A thousand I will make the bearish Scenario the primary a breakout here Ideally to the upside would occur Um in a wave three Target around 17 to 1800 breakout level here would be the 1290 level so that's the upside breakout Level the breakout to the upside in my Opinion would already get more likely as We get above 12 30. Um but yeah this is where we are Um and as long as we hold the support Which is sort of on the higher end to be Honest as well right we are we haven't Really retraced a lot so it's actually Different situation to bitcoin we have Only retraced to the 50 FIB level Basically yeah briefly below it's 61.8 But we're now hovering around the 50 FIB Level and that is actually on the higher End yeah this is not a deep retracement
So it's actually not too bad So yeah be aware of that of course this Can break down it will break down below 11 30 and then a thousand dollars and in The bearish count in the short term we Would consider this as an Elliott wave Triangle a b And this could be a wave c Um but I talked about on the Bitcoin Video on the Bitcoin video you would Actually like you're gonna need another C up a d down and an e up to have an Ideal triangle so this could play out For a while this sideways movement Um it could be completed earlier Triangles are always very difficult but Um this would lead to a move down if it Really becomes a triangle the overall Bearish wave count on a show as well Which will get the primary scenario Below a thousand dollars and one obvious One to me If it would be a diagonal let's see a Wave one a wave two wave three wave four Away five that could even take us below 650 into the region between 200 300 Dollars Um There's another possibility where we say One two three four three four Five where wave maybe with one more low And in that scenario we could even push Another low in and without actually Breaking the June low
So yeah ethereum is still more bullish Than Bitcoin Um until we break below the 1000 US Dollar level what you need to remember In summary Bearish counts Possible absolutely for me at the moment Still more leaning towards the upside Here on the eth chart Um Important levels to the downsides so Support levels are very important ones Are 11 30 1 000 880 that's the June low 650 that would be the first major Target If we break the June low and then below That we are probably going to break Bottom out in the range 250 or 200 to 300 dollars To the upside breakout level that would Confirm with higher likelihood a Breakout is or indicate that is a move Above the wave B High here 12 30 Breakout level would be 1290 and then we Could reach sort of the region 1700 1800 US Dollars and then we take it from There so that's my update about eth hope You like the update if you did please Hit the like button leave a comment and Subscribe and if you really liked Content then please check out the Channel membership thanks a lot for Watching bye Thank you