Foreign Welcome to another update video about Ethereum so ethereum did bounce off that Trend line and actually followed My View From the last video remember in the last Video we talked about we had already Seen the beginning of this red candle And we talked about the possibility of Putting this wave C in which we are Currently doing there's no evidence at The moment that this C wave is over to The downside we're going to take a look At that in a minute we still are in the Same situation nothing too exciting Happened at least we saw some volatility Here over the weekend uh might have made Some people happy but in the end we are Still stuck in the range here between Broadly Speaking 11 30 and 1290 it Continues to be in the range we are Still waiting for a signal here it's Currently following this Blue Wave count Here well it's it's within the red You've got the yellow and then you've Got the blue as a sub wave count that is Exactly the wave count it's following at The moment Um which is actually the bullish wave Count but Um the real decision point will come at 11 30 so if we really get there which I Think we should Um but I can this is obviously not Guaranteed but at the moment it's
Looking like it because the move that's Happened from the lower here does not Really look impulsive to the upside so I'd rather be looking at Trend Continuation to the downside at the Moment but 11 30 will be the key Decision point because this is the level If we get below that level I mean it Would not invalidate The Wave 2 here Which would result in a Wave 3 to the Upside but if we get below that level it Will make it less likely if you look at The Fibonacci retracements here you can Actually see that this is the 78.6 FIP Level at 11 30 whenever the price In such a one-two setup drops below it It is getting less likely that this Wave 2 is going to find support and will Result in a wave three of course you can Never rule things out in Crypt or not And in financial markets you can't it's All probabilities and likelihoods and What we are doing we're looking for Ideal wave patterns that are tradable This of course is a one-two setup with a Support area here for the wave 2. it's Not a highly reliable one because the Wave one was only done in three waves to The upside or as I said five waves but Then this wave 5 high was only a Truncated one so it doesn't really give You a lot of reliability Um so yeah wave one up wave two down and This could go a bit longer but then we
Should ideally find support that will be A decision Point nobody can tell you if We will find support but Um obviously the market needs to decide That but this will be the next key Decision Point down here at around 11 30. if we lose this level it's probably Going to be the 1100 dollar level and That is obviously sort of really the Last absolute last level but it will Already reduce even more in reliability Below the 11 30 level Um So that is currently the pattern that is Being followed this Has Um did it it has made this drop has made The triangle pattern less likely Um just because so no let me let me Finish with the bullish count so with a Bullish count if we say we are in the C Wave down what you're looking for Normally is a five wave pattern in wave C what I see is a one two Three four and ideally one more leg down In five Ideally you know so and that could hit Sort of the whoops that could hit sort Of the 11 30 range let's see if we Actually get there and then we have I Would expect the balance from there Would expect a balance from 11 30 if we Break through it it would be a rather Bearish signal it would indicate we're
Coming down straight away So yeah still the bullish potential is Still possible from here this doesn't Really change anything there's no game Changer here or anything Um I did say that yesterday as well when We saw the spike to the upside here that Green candle which was Um which was very noticeable but we Never broke above the triangle so there Was no reason to panic Um What about the bearish count the bearish Count would indicate that we are here in A probably some sort of a wave 4 Triangle which would break to the Downside Um In terms of that if that breaks down the Wave count would have been an ABCDE so We would say A B C D and possibly e so Either we are coming down or straight Away in really an Impulse yeah and we Are breaking Um so yeah in this count we would Actually have broken the triangle but Obviously we've got the bullish count Which sort of conflicting yeah here so It all comes down to that 11 30 level so This could have been a broken triangle To the downside but not very happy with The triangle count like that ideally I Would have liked to see Um a little bit of an extension so
That means that um This could have been an A B yeah C maybe Or putting the C in here See here and then D down but D is now Too low so yeah it would have to be that So it's it's you know it's a key Decision point because the triangle if I Count it like that could have broken now And we'd be waiting now for a Breakthrough to the downside but again It will be the 11 30 level that will Tell us that right I can't I can't look Into the future here it is that next Decision Point Um and what I can tell you is that the Move up here currently is not too Impulsive but I can give you a level Above which It will be unlikely that it's still a Way for and that we're probably looking Already at reversal to the upside from Here and that would be if I take the Length of the Wave 3 That reversal point would be 11 let's Say 1180 or no 1190 the 50 FIB level Which is exactly here eleven eighty Seven dollars and fifty getting above That so I would round it up to 11.90 Getting above that level staying there Will make it less likely that a wave 5 Down is still coming yeah so um you had Quite a strong yeah let's say reversal Candle here I mean there's only the one Hour chart so don't don't put too much
Emphasis on it but it really is now all Eyes need to be on that 50 FIP Retracement getting above that Would make this way for unlikely Therefore it would make a wave 5 to the Downside unlikely and it would then Rather Point already towards the upside Than we would have to say that maybe Maybe the Wave 3 was here that was a Very fast four a very short five and We're already moving up yeah but The wave C itself In blue would be very short then so Ideally I would like to go a bit bit Lower so that's where we are and to the Upside the key breakout Point remains to Be the 1290 level up here this so and That is where we are at the moment with Ethereum so I continue to Um to observe this and look at possible Bullet options here yesterday we talked About that um looking at it from a Bullish point of view The actual retracement here was really On the higher end yeah we had really Only retraced to the 50 FIP level Dancing around it Um the 61.8 yes we touched it but Reversed directly but now we are coming Down and now we are coming sort of to The closer to that 78.6 FIB level let's See this is the next definitely the next Key support at the 11 30 price level and That's my update about if so I think uh
Maybe towards the weekly candle close We'll know more I will keep you updated 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