Foreign Video about ethereum so ethereum has Been heading for lower here overnight And it dropped below the 11 30 level not Yet a substantial drop below it but if It sustains below 11 30 which it dries At the moment then this is probably not Going to work out as a bullish scenario Anymore not at least at the imminent as The imminent one because if we have a Sustained drop below 11 30 it will open The doors for a retest of 1075 that we Hold this level then Which is the low from the 9th of November will get less likely and it Therefore opens the doors for retest of A thousand dollars now it is not Impossible To still find support here at a thousand Dollars for a wave two and then to Rally We still need to have that on the radar Um therefore my stop losses for some Long positions that I've got open here Are below a thousand dollars yeah Um and I leave them a bit of space but We need to be aware that any sustained Drop below 1130 will increase the risk Of us dropping below a thousand and if We drop below a thousand it opens the Doors to 880 which is the June low and Then 650 and maybe even lower therefore I do have a stop loss below a thousand Dollars because I don't want to risk it Um and I will then just re-enter lower
And reset lower this is still the Bullish card on the chart Because they're possible Um because we've only really dropped a Couple of dollars below 11 30 the key Support but we're we're not really Seeing that reaction and overnight we Actually dropped briefly to 11 10 yeah So this is really the last Um possibility for Eve to turn around Otherwise we're going to see a more Sustained drop looking here at this and There's a couple of ways how you can Draw the flips but generally we came Down to the 88.7 flip level here Overnight that again is the last resort But we haven't really seen a strong Reaction to it so yeah I'm getting Um I'm getting more clarity now that This is possibly going to become a Deeper drop Um first to a thousand dollars and that Will be the next decision Point yeah the Key support from here now 1075 then 1000 And below a thousand the overall chart Context is going to flip um clearly Bearish already now we can start leaning More towards the bearish case but okay Maybe it's a bit too early because we Haven't seen that sustained drop below 11 30 I mean it really only happened a Few hours ago Um And maybe we'll get some more even some
More clarity when the Stock Market opens Today But the bearish count which we talked About before as well would be here a Wave a up The B down in a triangle yeah c d and e So this would then be some kind of a Wave four and we come down in a fifth Wave and what you often get when a Triangle breaks you get this sort of Strong move into the other direction Which we had so it's certainly possible That triangle broke and we're now moving Down impulsively and will with that move Retest the thousand dollars and if it Breaks yeah as I said then um We could get really into this um into The area around 880 and 650 however I would expect some kind of a balance Above 1000 and that would not Necessarily be a bullish part but let's Say we come down we test a thousands See a bounce that could very well be a Corrective bounce before we then head Down to 880 and lower so if that happens I will get out of a couple of long Positions that I will get stopped out of If we drop below a thousand dollars but I would just realize profits here should We get above sort of 1200 in that bounce We'll see but what you need to know at This stage is that the downtrend is or The downward scenario is getting more Likely of course
Um Still would like to see a little bit More evidence and confirmation for that But as you know this was the yellow Support area and we've dropped below it Ideally we should have held the 11 30 we Dropped to 11 10 even though it was only For a short period but even now we can't Get above 11 30 anymore that's not a Bullish sign and therefore you know I Would I would say this is getting more And more difficult now for the price but We're now over sold on the one hour Um getting oversawed on the four hour as Well So that is what that kind of bounce that I talked about that might occur Especially as the one thousand dollar Level is a key support level so we'll See but again if we drop that far it's Probably going to be a corrective bounce I'll definitely keep you updated but we Can start to lean more towards the Downside scenario now as the evidence is Coming to us Um but yeah we'll keep you updated there Will be another update today as you know And 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 for Watching bye Thank you