Foreign [Music] Welcome to another update video about Ethereum so for ethereum it is still the View that it could break out from here Of course it's getting challenged but That's what crypto likes to do crypto Likes Um to trick us into situations where we Think things aren't possible anymore and Then it starts to reverse suddenly we Just need to have that possibility still On the radar Um it's obviously getting getting Seriously challenged and again if we Drop below a thousand dollars it will Get a very very problematic Um the advantage of the current Situation is that um I'm not telling you To do it I just want to outline here the Idea of risk management and how you Would normally do it as an elite wave Trader as well so for example ideally as An Elliott wave Trader and again there's Different strategies as well different Philosophies but you can enter a long Position for example very very close to Support and as a good Elite wave Trader Because you know where invalidation Occurs most likely you can add a long Position as close as possible to Invalidation so to minimize your risk And again if I tell you that um as long As we're above a thousand dollars there
Is still a chance to move all the way up To let's say three thousand dollars or At least in a bearish rally to around 14 1500 then that tells you a lot about the Reward to risk ratio Um however there's no guarantee it will Happen I have to say that as well There's no Financial advice it is just How things stand based on the technical Analysis based on the elite wave Analysis that as long as we are above The one thousand dollar level things Could still take a bullish turn it is Getting less likely But there are still two bullish wave Counts that can work out yeah that can Work out and I'm going to take you Through both of them then um yeah we Also talk about bearish targets should The 1 000 level not hold so this is Still the overall pattern which works as A one two setup from June and we could As long as As I said as long as we don't Have a sustained break below one Thousand dollars it could work out in a Wave three or we could at least get a Corrective bounce before we move up Um before we come down further okay So at the moment if we zoom in then in This wave pattern here this structure Um we are currently obviously coming Down here in the so-called one two three Four and then the five down this is an Ending diagonal that is how I currently
See it this has a Target Um I can give you that as well So first of all we take a look here at The It's hard because we don't know where The Wave 4 will Peak but we can make an Assumption based on the length of the Wave one And Depends right if the Wave 4 gets to The way to all the way to the top here Of the channel we get a target of 180 to 82 so yeah no sorry not 182 982 that is The one to one ratio Um I would still think that it's Possible to move up from there because It is not a sustained break below a Thousand dollars as long as this level Is holding Um and it recovers quickly but it would Not be ideal I have to say that as well If we if it would really really be on Thin ice a bullish potential so I'd Rather focus on the downside from them But that is exactly the pivot point Exactly the decision point below which a Stop loss could be set Um and then But again no Financial advice Um and because you need to understand That the bullish potential really really Gets challenged if if things go that way Um there's another wave count where we Can look at this as a triangle talked About that yesterday as well and when I
Look at it as a triangle the proportions Work better if if I look at this as the Wave one the low here at 14 38 and then We moved up into two came down three and We've got this sideways movement with a Peak of a wave four here as a triangle And then we've got the wave 5 down and If we look at that Then the target becomes very similar and I also get the 900 well 995 dollar level So it all points towards that one Thousand dollar level maybe even a Little bit lower and This would also have an effect if this Was an overall bearish wave pattern and We come down and come up once more and Then come down make new lower lows I'm Still looking here for a possible bounce At a thousand dollars also because on The four hour chart we are over so it Yeah we are just below 30 here on the Relative strength index so yesterday When I made the video I showed you this Channel in which ethereum is and in this Channel And we were just about to hit key Support which we did the channel did Hold so it was a relevant Channel a Relevant support Channel ideally I would Like to see now a wave 4 bounce in a Diagonal pattern the targets are Sometimes a bit difficult to calculate But Um I think here we can say it should
Move up to around the channel top or Resistance if that happens today I Wouldn't be surprised Um to see you move up to around well Into the area between 11 28 and 11 58 That is the area between the 23.6 Percent FIB level and the 38.2 percent FIB level and from then we come down in Five yeah I would I would be surprised To go down straight away from here Could Happen of course Um but then I would look at the next key Support at 1 000 US dollars so we had Key support here in the channel as well Um and we are expecting further lows but There is a chance now to look at a Short-term bounce in a fourth wave Nothing that I would trade long Absolutely not but a possible short Trade for a fifth wave just be aware That um This is already getting very close to Support now with the 1000 US dollar Level and if we really look at this in a Bearish way and we break the 1 000 level Then we're most likely going to see the 1000 or the 880 level the 880 level from June and if we lose that then we're Looking at 650 US Dollars there's some 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
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