Foreign So with ethereum I still have the Possible bullish scenario on the chart Here Um but it's obviously getting unlikely Now also with Bitcoin being expected to Do a new low basically for Bitcoin I Think we do have increased clarity now And it looks like we're going to lose The um the most recent low and I think Ethereum is probably going to do it as Well so probably for the next video I'm Going to put a new chart in place here But it's not doing anything that we Haven't talked about before yeah we Explored the idea of this just being an Elliot wave triangle and will break down Difference to bitcoin here on the Ethereum chart is just that as long as It's holding the one thousand dollar Level the overall scenario could still Be bullish so it still has a chance to Rally from above one thousand dollars be It a corrective Rally or an impulsive One that is what we will need to see I Would actually primarily expect some Kind of a rally or corrective rally Above a thousand dollars Um but we need to look at the structure Then if that will be Um if it will be let's say yeah just a Corrective one or actually already a Third wave to the upside which if we Make it below the 1075 level from the
10th of November well then we have to Start again the new impulse anyway it Wouldn't be a Wave 3 then Um Or well it would be because we have to Reset the wave to to here then Um but yeah it's it's getting it's it's Getting increasingly challenging I would Even you know I would even say that we Can start to lean towards the downside Now Um ethereum was only one of the few Anyway uh of coins where we identified Some bullish potential most other coins Are looking for lows and it was quite Clear and it is quite clear the Difference with ethereum is it it still Makes quite a decent impression but the Problem is obviously that we have a Break below the 11 30 level that is the 78.6 percent Fibonacci retracement level I've always stated that if we get below That level we're getting into problems Here Um that is at 11 30 78.6 FIB level I Mean theoretically a so-called Wave 2 Correction which would result in a move Up in a way three can still start from Here it can start from 1100 from the 88.7 FIB level that's not root out you Know that's also why I have left my long Positions opened and they will be closed Below a thousand dollars Um because that's where I have my stop
Loss Um so yeah I'm happy with that so far They can still move up and if they don't That's fine as well you know I I did Take profits along the way all the way Up when we most recently went to 1600 1650 Um so I'm I'm okay ever you all know What we did and what we looked at and How we approached this strategically Yeah not naively looking only at the Upside or towards the upset but having Risk management in place as well very Important which means taking profits Along the way setting stop losses And it's it's a whole you know it's a Whole trading system and the idea of Being strategic about it not just you Know does it go up or down and if it if I think it goes up I put everything in There which is of course not how you Trade especially not with leverage in The current market conditions I would Never promote that I know a lot of People are using leverage but the Problem is as long as you don't really Have a confirmed bottom in place adding Leverage to a trade is just sort of uh At risk of a washout because you can Still get these washers washouts yeah Um to the downside so at the moment Um now that we have five waves down here That you can actually see you have five Waves down this is the next decision
Point now because Um what we'll see now after So bear you know what I said this could Still be a wave too it's unlikely now But it could still be one we're possibly Just retesting the 78.6 percent flip Level from below and we'll then see a Further decline Um but as we have five waves complete Now If we rally now This could be the Wave 3 but again I'm Starting to lean more towards the Downside for Bitcoin I'm doing that Already for many other coins as well and Here we just need to understand that This is on very very thin eyes and it is Most likely Um heading down and we'll now test the One thousand dollar level and the wave Count that we explored in previous Videos for that would be this a wave a Hero wave B Hero wave C here probably the Um the D wave somewhere and then the E Wave Was probably this one And then we are coming down in an Impulse and this would then be a wave One we would then be looking at a wave 2 To the upset some kind of a retracement Possibly now Um that might get into the region of the Previous wave four high here around 1180
1190 Um and Then wave three down a wave four up in The wave 5 down and that could hit Either one thousand dollar level so Generally sentiment shift now rather to The downside the probabilities for a Bullish scenario have dramatically Decreased by breaking below the 78.6 FIB Level however we haven't fallen below it Substantial enough to completely make or Get rid of it of the chart that's why I Still leave my long positions open I Intentionally give them a bit more space And however if we go below a thousand Dollars this bullish potential is Completely done and then we're probably Going to see prices of 880 first and Then maybe all the way down to 650 so It's all about risk management Um you know in the end nobody knows and Therefore we need to understand the Different scenarios that are possible And then just be strategic about it yeah And I I still read in the comments a lot Of people should I sell now should I buy Now up or down it's not as simple as That that's why a lot of people fail in Trading it's players player and you need To be strategic you need to be more Clever than most others and you have to Have an edge in the market you have to Have your risk management in place and I Think risk management is most what what
Most people are are missing yeah I would Argue most people are putting most of Their funds into a single trade or two Trades Um that's not how you do it normally Right Um it's all about risk management you Know one single trade is not there to Make you rich or poor yeah it's not that You know you're not gonna get rich with One single trade I mean maybe there is The lucky person that does it but then Most likely next trade the person is Going to mess it up again no it's all About having a series of profitable Smaller trades Um that's how most successful Traders Would approach it and um Be successful over time yeah Okay and just be strategic about it and Have your wrist movement in place Especially in the current situation Current environment Um still see a lot of people who who put Comments in where they lost thousands or Lost whatever 70 of the value of their Portfolio where if you don't put you Know yeah if you have it on The Ledger If you would want to hold long term You'll probably plan for that and you Don't mind these fluctuations Necessarily but if you really trade you Want to have stop losses in place or Have at least your position sizing in an
Adequate way that you don't that you can Leave your trades a bit more space But yeah sorry for the waffle Um Waffling Um but yeah that's my update about Ethereum so um We are now possibly seeing some Retracement to the upside but then most Likely further downside and as long as We steal above one thousand dollars we Can't remove the bullish Potential from The chart still a chance but it's Obviously getting less and less likely And more and more challenged especially In the current environment where we have A lot of bad news in the space yeah okay That's my update about ethereum 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