Foreign Video about ethereum there is not too Much to add here to my last video Um I remain bearish short term as Explained in the previous video which Means I do expect further downside here There are a few reasons for it Um The first reason is that we broke down In five waves yesterday And I told you that I do expect further Downside here Um the move up was fairly corrective I Have to say that as well that's what we Said yesterday when I made my last video Yesterday that I want to see how does The move to the upside how is the relief Really going to be is the relief really Going to be an Impulse then we can look At possibly breaking the 1308 level Um which didn't happen Okay so it was a Corrective move up as suggested in the Previous video as well Um and I told you that what we could be Doing here now is Obviously the broader structure could be A wave one up A wave two down and in this wave two We've got a so-called w x y pattern and In the Y wave we've got an A b c That's one option that's actually the More bullish option where I do expect Short-term downside but from this region Here between 1185 to 1230 upside yeah
This is the support area where it could Start to Rally in a third wave But obviously as we have five waves down It can also be and that is the other Yellow count here It could be that we're forming an Impulse down so a wave one down A wave two up a wave three down away Four Up and Away five down that would be The really bearish option Um And that could send us if we drop below 1185 it could send us way lower maybe Even to a thousand dollars yeah so be Aware of that This has become The View after we dipped yesterday Um below ideal support I think it was I can't remember 1270 or something where We dropped below that and it became Quite evident that this is a move that Is going to be a little bit longer Um did warn you yesterday did warn Everybody on telegram Discord but now we Need to see the problem that we have at The moment Is that it doesn't seem to be able to Put in even a healthy b wave retracement Or wave two That indicates Downside pressure And you would rather confirm what I'm Saying here yeah because what you would Normally expect after such a five wave
Move basically an A B C you can see how Strong the wave B is it's even uh going Below the beginning of the a wave that Means it can be what we're doing here Could be an expanded flat did explain That in a previous video expanded flat Would send the C wave above the wave a High at um above 1270 the problem is if The chart is so weak Um that increasing downside pressure is Forming then the C wave may also be very Weak and then we have a so-called Running flat which would be very very Strong evidence that downside pressure Is forming and that would mean we have a Low wave B we have a low wave C Um and we could have had that and then It's possible in a b wave or a wave two And we just need to see now how does the Price react to this support level do we Get an impulsive reaction from this Support area ideally from one of these Flip levels 12 30 12 11 or 1185 and if Not and we only get corrective bounces Then it's very likely that we're also Going to drop below 1185. So it's a very very difficult pattern to Read at the moment Um we have downside pressure here And I guess it's it's I'm more inclined To see how this is going to be you know Heading um how this is going to to play Out to make further calls about which Pattern we're in because we've got two
Main structures here that could play out Which is as explained either a five wave Move down or hear this ABC down ABC down inner Wave 2 would be the more Bullish pattern where we could then Again in this support area find support And emerge to new highs short term at Least Um but yeah the five wave moved on with Sanders most likely to new lows that Would probably happen if Bitcoin also Does the same thing Can we Break out to the upside immediately we Could the charts still enables us to do That as possible however below 12 30 This will also get much less likely And I will only believe it a direct Breakout if we really take out the high At 1308. So it remains Um that we expect further downside maybe With a little bit of a bouncy in a wave C Yeah nothing I would trade and then Further downside continuation ideally in The box or if we break below the box Then This scenario becomes life where we Talked about already on the weekend that The most substantial top could have been In place here that was the warning I Issued not without reason because I made You aware that a pattern was full you
Know if we count this not as an ABC but A so-called wxy pattern here we had a Full pattern yeah I talked about that Already on Friday I think but it did Play out it takes a while to play out Obviously and if we now make a lower low Then hopefully the warning came at the Correct time But um yeah now I think we need to see How far does ethereum actually dip And I will keep you updated about the Latest developments here on the short Term chart so yeah hopefully 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