Foreign Video about ethereum we take a look at The short-term ethereum chart and it's Actually quite simple Um to put this Um there are a few different Possibilities but there's actually a Clear strategy that one can follow now And also in terms of you know the Anticipation for the next price moves What are the targets So generally the scenario to the Downside here still shows me a likely Five wave move down in a diagonal Pattern to the downside here which could Take us to a thousand dollars or lower You know that that's what we need to see We need to take it level by level at the Moment certainly if we make a new low Now one thousand dollars would be an Ideal Target maybe a little bit lower Than that 980 990. but if we break the one thousand Dollar level substantially then we're Talking about 880 and 650. This would be the White Wave count that You can see here And it all depends on do we now in the Next retracement hold a higher low or do We make a lower low Um This is going to start very soon this Retracement so if we zoom in We are deep in the retracement zone yeah
Deep in the resistance Zone Um well resistance or not retracement Zone we are deep in the resistance Zone And we've hit the top of the channel now I wouldn't get too hung up on the Channel because you know you can draw That different ways you could even say That you know maybe it's more like that And we haven't even touched it yet so Things are still a little bit unclear in Terms of that but the channel is more Like to give you just like a guide right Um I have currently no indication that This move to the upside has topped it Should ideally but if it breaks way Higher it would be it would even put More emphasis on this kind of yellow Wave count right which would be the Bullish count or at least short-term Bullish but we take it now step by step Um so generally we can still look at This as a wave 4 which would result in a Wave 5 down of course we don't know that Yet and therefore the next retracement Will give us clarity Because should we be in the yellow count Which is possible we've got enough waves To count it as a wave one which would be A first step of an uptrend here yeah not Necessarily super bullish but possibly Embedded into in a bearish overall Bearish count still But um we it all depends on the Retracement so again I don't have a sign
That this wave topped yet it could still Push higher but assuming we come down Now And I think we will soon anyway you know We are sort of Fairly High we even have A bearish Divergence on the one hour Chart now If we hold in the retracement the level Of 1098 yeah all the way down to that level This is the key support we need to hold If we're holding this level then I can Focus on higher Short term Yeah so this would be the area where Most likely you would expect a wave 2 to Get into between 11 30 and well 1098 and From here we could then look at the Wave 3 to the upside possibly reaching like The 13 to 1400 level Um but for that we need to hold this This support So at the moment I wouldn't Do anything I would wait for the Retracement because the retracement is Going to give us a lot of clarity if This level holds we can focus on higher Does it mean we're breaking out and go Full pull mode no Because this could still be an Alternative wave Circle a wave 4 in Circle so basically this one Yeah where I've put the Wave 4 here and We're in this downtrend However this could also just it could
Just be as indicated here an ABC this Would be the yellow count and then I Would have to move the way four here so That's the alternative for the way for Absolutely possible and we would then Come down afterwards so again we need to Take it level by level If We Hold this Yellow support box down there again I Will focus on higher and if we have These five waves complete if we then Hold the retracement and make a higher Low then we can talk about the lowers in Because until then this is just a larger Three wave structure In A B c but If we see A fourth wave Yeah so basically one two Three four and five which is what I mean If we hold support yeah then we can say We've got a proper five wave move up and We can say with later a greater Confidence that an overall low of this Bear Market was already in but then There's no reason to panic because this Would be a five wave move and it would Most likely come down in an ABC which Would be another entry point so you can See there's no reason to form more Generally there's always other entry Points Um and these retracements are going to Give us a lot of clarity about in which
Scenario we are this year will be Another possible long entry point Um Because as long as the 78.6 retracement Is holding we can focus on higher so it Should tell you also where you could Possibly set a stop loss Um and here Move down imminent I think but again I Have no sign that we have topped yet we Could very well move higher in one more Wave Um a little bit higher you know try to Break out of the channel but yeah this Should um this should make it quite Clear what we're doing here and it Continues to be the case that if we Break one thousand dollars we should see 650 Um and an overall bullish case is of Course possible more likely than for Bitcoin I think but I want to see Clarity here that we are Moving up in five waves and that we hold The retracement you know and then I'm Going to to confirm that probabilities For all moves are very close together That doesn't make it easier but the Structure to allows us especially with Ethereum the structure allows us to be Very strategic about it because you know You can of course you don't know you Know could we come down this way five or Not
Um do we hold the wave two in yellow I Mean nobody knows that the market will Decide that but These are entry you know these are trade Setups that's essentially what you're Looking for you know don't try to Control something you can't control like The market but you can control your Entries you can control your asset exits You can control your risk Um and so on and hopefully you can Control your emotions at least to a Certain degree but yeah certainly not an Easy Market but I find the ethereum Chart still very very interesting and Again it allows us to to be very Strategic I continue to have my um long Positions for ethereum open both of them That I entered here somewhere one was at I think 1210 and one was at 11 30 so It's basically cost neutral right at the Moment of course stop loss is set below A thousand dollars some of those long Positions when I entered them some of Those those Um Some of those coins went actually to my Hardware wallet as DCA yeah Um long term but some are for a swing Trade here and if it doesn't work out Which I will know if we break below a Thousand dollars then Um or at least it will be very likely Then then um yeah I'm gonna get stopped
Out and then we just reset lower okay And that's my update about ethereum I Hope you liked 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