Foreign I just needed to update once again Because we lost support yeah Um there was a chance to go up from There we actually had five waves on the East chart but we didn't hold the Reversal and that is obviously always What what what is the make or break Point holding the reversal Um because there will be profit taking As I said in the last video there will Be profit taking and the key is that We're holding the 78.6 retrace only then You get really good confirmation that Things are changing but it didn't hold It smashed down we are now deep in Support area so this is the Wave 2 Support area here the lower level wave Counts honestly I'd like to wait a Little bit until things have settled This move down looks like a third wave But we must be honest today's Strong events and strong volatility Um I want to see how things have settled Really until I really make sense of this Because this could overall be a wave one Two here another one two setup here the Three down there will be a four up and The five down uh off the C wave here off The wave two so I said you know let's Just let's just see how things have Settled but I'm zooming out a little bit And taking the overall context into Account we are basically still in a good
Wave 2 area yeah we are basically in um In that larger support area The Wave 2 Of wave three of larger wave three yeah Here in white Um so I have just Added to my East core position But we need to be careful this is Extremely volatile at the moment and I Think Everything at the moment is very Speculative Um very speculative especially because Whatever happened today has the Potential I think of being or becoming a Black Swan event I think there's a lot Of stuff going on in the background that We don't even know yet about FTX and Especially it says the company Alameda Um because while FTX has been saved Alameda hasn't I think we might see ftt Go to zero there might be the next big Capitulation here or big coin going to Zero event after lunar classic or a Luna So I don't know how exactly this is Going to affect um All the markets ethereum is still Holding quite well it is holding Actually actually in the middle of that Wave through support area so zooming out This looks actually really good as a Wave 2 accumulation area and this is for Me the time to accumulate eth again for The Wave 3 rally but again I told you That we need to hold that support area
Otherwise it's probably not going to Work out Um but again even if we go below this 1300 level which is the lower support of That support Zone we still have a chance To hold the 1000 level and really only Below that level for me it will get very Likely that we're going to go below the June low yeah Um so let's see how ethereum is going to Do this but we need to be aware that This could become really really ugly Um if some I don't know how they were All connected in the background and with Alameda which obviously did hold a lot Of ftt tokens uh or still is so things Are happening a lot you know very Quickly so very quickly and um I think They probably knew it for days and maybe Weeks that they're going to get into Trouble Um and this is obviously the the big Event here today which is bringing Markets down generally so Um people hopefully realize that this Means a lot for binance I mean it's one Of binance's biggest competitors has Literally just gone out of the market In terms of ethereum Again as long as we're holding the 1300 Level this could be an easy reversal up In a wave three Um but obviously at the moment things Are happening faster than you know you
Can even update stuff and You know I can't really give you advice But for me it's At the moment for what I do I'm sitting On the sidelines everything is Speculative I buy here and there a few Long-term positions where I want to add To my core positions you know Um but this is all going crazy so this Is still the key area and this is still The view that we're just putting in a One-two setup of the larger wave three The larger wave three can still take us To uh three thousand dollars right so This is unchanged but of course today's Crazy events if you take them you know If you just disregard them and the crazy Price action from today zoomed out Zoomed out this chart still looks really Good so ethereum is still even though It's one of the biggest losers today Um this is a proper one two one two Setup I mean they are never guaranteed To work out but I want to want to setup Provides always the opportunity to trade The Wave 3 long now there's always a Risk it doesn't work out but that's why I'm a pullback Trader that's why I like To buy pullbacks because the risk is you Know I don't want to say minimal but is As small as it can be because you're Buying very close to support now the Problem is that Bitcoin has gone Straight through critical support
Um With Bitcoin it didn't hold the 18 800 Level so I need to look at this also When the dust has settled a bit but There is now you know especially if you Now lose the 18K level with Bitcoin I Think this will be capitalization all The way down to 16 to 14K so this is Actually all in line with the primary Expectation for Bitcoin the question is How much is going to be is the effect on Ethereum uh now ethereum is still much Further away from the June low than Bitcoin is but um yeah you know here the Critical level is first of all 1300 and Then one thousand dollars sign that we Are reversing let's take a look at that As well it's very hard to say because This to me looks like a proper way three To the downside at the moment a sub wave Three so there should be a way for Retracement still and the way five down So I don't think we've seen the low Necessarily yet Um but again this is the long-term Accumulation area that I've pointed out For weeks a lot of people didn't believe We get into it still and now we are in But now again that's what the market Does it's it's you know it's creating a Lot of emotions it's generating a lot of Emotions I will see it in the comments Again I know that I can only recommend Or advise try to get it or have a cool
Head Um cool yourself down right it's a very Heated day very very very difficult Um 2 degree unexpected price action yes Due to the FTX news but the FTX news Weren't or the event wasn't entirely Unexpected we discussed it for days on Telegram and Discord Um That something is coming up but that it Would have that effect obviously it's It's difficult yeah it's difficult now a Lot of the Paris scenarios are currently Working out for coins this morning I Made a Solana video talked about the 90 To 22 level but You know it's always when we are flying Like with ethereum yeah it's all about You know we're not never going to come Down again and then we when we are Coming down today it's very strong it's Stronger than expected it's moved down Yeah it's it's very very impulsive Actually then people are afraid of Buying so yeah I mean it is it is risky At the moment I'm not gonna lie to you Because we don't really know what else Could be coming up you know how much This could affect the markets from Fundamentally Um but still I'm gonna stick to my plan I'm accumulating in this area as I said Knowing we could come down lower
I talked about support levels before I Talked about stop loss levels before and As long as we're holding the 1000 level Ethereum should be holding right Ethereum still has a chance to to move Up best is short term to hold the 1300 Level now okay it could come down a bit Lower Um bear in mind that this one two setup Will be invalidated below 11.95 so if we Drop below the 1195 level this one two Setup is going to be invalidated then we Have another chance to Rally from a Thousand dollars but ideally we're Holding the 1300 then we've got 1195 and Then one thousand dollars as the next Key support level so I'll keep you Updated guys 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 bye Thank you