Foreign Welcome to another update video about Ethereum ethereum so far has failed to Give us five waves and that is not good Because Bitcoin did manage to give us Five waves up even though as explained In the Bitcoin video not an ideal wave Pattern so it sort of reduces a little Bit the confidence and here ethereum has Failed completely so it's not great at The moment so we are going to zoom in in A minute overall the wave count and the Idea is still that we had here a one two Setup one 2 and we are now possibly already in the Third wave to the upside this third wave Obviously consists of five sub waves so We're looking at the possibility if we Are now in the first sub wave of the Third and maybe even within this first Subway within the first one because this Is all about cascading building on each Other Um as per the elite wave method and what We always want to see to indicate that a More substantial bottom has been made a More substantial low what we want to see Is that ethereum makes five waves to the Upside that would be the first Indication that we can say with higher Confidence a low has been made I mean The price action yesterday was quite Nice Um and yes you could argue no we haven't
Seen five waves so absolutely haven't Um so as you can see indicated here what I told you needs to happen to really get Confidence in that ethereum is starting To move not again Bitcoin made a higher High ethereum didn't So It's not great I mean you can see just Looking at the without the Wicks if you Don't consider the Wicks yeah then you Can say we had five waves up you can say That Um but we have to consider the Wicks you Know all waves have been have to be Counted now With these two weeks I can't really Count that as five waves up yeah I mean I could but then it would have to be a So-called truncated wave pattern they Are not great yeah and again it just is All about what does the chart give us so That we can have confidence in it Um and this is costed some credibility Now it's of course not over and this Could still turn around but it's just Sort of less probability now Um we could still be now in an ABC Pattern down but I can tell you the Levels that definitely need to be Followed because this now has to Basically hold a certain support level So that we can still rally In the next five wave pattern to the Upside so it must not drop
Let's say ideally and it's all about you Know an ideal in an Ideal World right But everything that deviates from that Will cost the chart credibility and will Also reduce the probability over the Successful trade so it should really get Into the area or should not drop below The 11 33 level Um So in a possible wave too because this Would be a wave one DC of two so it Should not drop below 1133 if it does it Will probably also lose 10.75 and to be Honest if it loses the 1075 level yeah It still has another chance to hold the 1 000 level but holding the one thousand Dollar level would be absolutely crucial To still keep confidence in the larger Pattern that I just showed you the one Two setup here one two and then oh yeah One two and then we are now in the way Three but if we lose the one thousand Dollar level this will get very very Unlikely very unlikely so I will then Focus more on the downside but yeah just Want to emphasize to you we didn't have An ideal five wave pattern to the upside That can raise some concerns because it Could mean that we've only had a one two Setup down But also here now you know we've Basically in this move come up a bit too High to consider that a very clear one Two three four something
This is not yet impulsive to the Downside so Um at the moment we need to keep an open Mind here I think what we need to look At is this support area Um as long as we're holding this or the Current support the current low then Yeah we can certainly already move up in The next five wave pattern but um what You need to see we have well yeah we Have um If I count five waves up we don't have Three waves down so there should be an ABC so we should get into the yellow Area should hold support ideally again If we don't hold the 1133 level it will Risk invalidation Um and it already isn't the most let's Say reliable pattern with the fifth wave Failing to make a clear one so Um yes this could still be you know this Could still be if Bitcoin now starts to Rally then we could have here um Some kind of a of a diagonal pattern Where you will say all right maybe we Have a deep Wave 4 and we're still Moving up in five that is also not ideal Yeah because Um this would be a diagonal pattern it Is possible though yeah and if we see Five waves up even if it's in a diagonal That will again shift probabilities more Towards we have a likely breakout so Really it's all about those five waves
To the upside that we need to see if we See it from here the fifth wave I'd be Happy with that but again it's not an Ideal impulse pattern we would then be Looking at something like an ascending Broadening wedge which then will also Get exhausted after the fifth wave most Likely Um a Target here would still be sort of In the 1400 region and then if we see The five waves it might be worth to look At the Wave 2 correction and well to buy The wave too low At least I will consider that at the Moment I'm going with this with the Truncated low um it's already truncated High but it's also not great right so we Just need to have a bit of patience here I think look for a high probability Setup next long entry would be here but Be aware that it dropped below 1133 Could fail the whole pattern so the stop Loss can be set quite tight Um other than that for me it's just a Bit of waiting especially at the Friday You know Um trades are being closed for the Weekend so we'll see I'll keep you Updated hope you like the update about Ethereum 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
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