Foreign Hello and welcome to another update Video about ethereum well I only started Yesterday in the member live stream that Is going to be a volatile week we've Already seen some volatility starting Yesterday I mean don't forget we've got The elections in the US tomorrow I think It's tomorrow isn't it Um not from the US so apologize but if I'm wrong but I think it's tomorrow and Then we've got the Um on Thursday we have the CPI data from The us both events that probably will Lead to Sure short-term volatility Um okay where are we here with ethereum So with ethereum we are exploring Currently the option that we are in an Elliot wave triangle yeah so overall my Primary expectation at the moment is Still that we're going to see one more Wave to the upside at least one more to Complete this wave one ideally in the Range between 1740 and 1800 US dollars Right before we then come down in a wave 2 correction At the moment I would say this is Probably going to be sort of in the Region between thirteen hundred dollars And 1470 where we're going to find Support for a wave two but I would like To ideally see the price go once more Higher it doesn't need to Yeah it doesn't need to
Um because As I said on Friday we have already Enough waves that we can count to say That the absolute High has been in that Wave 1 is already complete so that was Also the reason for me to take profits At around 1620 on Friday yeah didn't Sell everything of course not I wouldn't Do that I'm scaling out the same way That I'm scaling in support zones I'm Scaling out of resistance zones but I Talked about my sort of strategy how I Do this in previous videos as well Um scaling out in resistance scaling in In support zones and I took profits Because there is a chance we go higher Yeah It's my primary expectation but also It's all about trading is over at risk Management so keeping losses small yeah Understanding that this could get close To exhaustion and from taking profits Along the way nobody got poorer so far Right so Um it's a good idea right but I still Have my core positions open as well that I opened at around 1200 1250 Um I even opened one that was back in June I think around one thousand dollars Um so they are all still open right it Took some partial profits here and there As well but the main body is still open So therefore you know we can go down Lower and my plan is to just add to my
Core positions in Wave 2 here in the Support area plus maybe adding a little A leverage trade here and there as well When the trade goes well but um Primarily as I said I'm still looking at Prices to go higher from here as a Primary expectation and at the moment We're adhering to my assumption that I Made in the previous video that we could Be building a triangle here that we Could be forming a triangle yeah so Overall ethereum as you know is one of The most bullish charts at the moment in The crypto space I've said repeatedly That ethereum has a much much better Chance that the bear Market low has been In already than Bitcoin Bitcoin is a bit Vague it is quite unclear it is a Message chart and therefore it's always Worth at the moment especially to focus On ethereum more than on Bitcoin in Terms of trading unless you're doing Dollar cost averaging but that's all up To you anyway I don't give you Financial Advice Um therefore also the comment Um I need to make that comment a lot of People still ask me you know why my view Is still that Bitcoin hasn't put the low In or at least it hasn't proven that the Low is in right it hasn't given us Enough indication to think that the bear Market law has been in of course it's Possible but it purely hasn't given us
Enough Um evidence so often get the question Why are you bullish on ethereum but Bearish on bitcoin well I acknowledge The fact that or the situation or the The you know the possibility that Bitcoin's low could be in yeah I've been Saying that since June that the Possibility is now there until until June I said No we are most likely going to come down And with a very high probability which Happened from June the first time I've Been telling you that the low could be In for Bitcoin But the primary expectation is still That we don't that we still come down Once more lower for Bitcoin and the Question is always that confuses people Why do I think that for Bitcoin but Ethereum not and you know the the answer Is quite long I did explain it in Previous videos and you know in the most Simple form it is that Bitcoin could Very well just put a lower low in place And ethereum could put a higher low in Place so let's just assume we push once More higher Bitcoin might get to 21.7 K Ethereum might get to 1800 Bitcoin then Crashes down might go down to 16.9 K or 17K goes below the June low and ethereum Will maybe go down to let's say 1200 Maybe even a thousand dollars whatever Um but it will make a higher low and
Still will not crash the bear Market low All right Um in addition to that Bitcoin could Very well go up and And therefore the point here to make is That ethereum is leading it for me at The moment yeah because the theorem is The much more reliable chart So I would much more trust ethereum at The moment than Bitcoin So in my trades I also focus on ethereum Not so much on bitcoin Okay so If I'm thinking that ethereum will go Higher yeah Bitcoin might push a bit Higher as well but I'm not sure so Therefore ethereum is much more reliable It makes much more sense to focus on Ethereum and so far these forecasts have Been correct 100 because ethereum has Been much stronger than Bitcoin and I Think it is going to be much stronger in The future as well it's just a much Clearer chart But now let's look at the uh the short Term here this triangle pattern in the Previous video I said this could be a Triangle a wave down B wave up the C Wave We examined in the exam we looked At in the previous video right and we Said um ABC one more leg down probably Which which happened Um font support here and now the wave D Could have started there is no real Evidence for that yet
Um but one way of One way of understanding that we are Pushing higher yeah and that wave C is In is if you draw A corrective price channel here onto the Chart where we are saying all right We've got a parallel Channel corrective Price Channel where we're connecting With A and C Um here in this sort of smaller wave C Itself right a parallel Channel a Breakout above that channel would Indicate that with C has complete Probably the earliest evidence you can Get Um And if that breakout happened now it Would be above 1580. yeah and then we Can also calculate a target for wave D That is based on the 0.618 flip Extension of wave B It's usually the key Target so we take the length of the wave B go to the low of the wave C and then We look at the key Target he would be The 61.8 extension 1651 1651 would be The ideal Target for a wave d okay and Then there should be one more wave e Down and then we could break out to the Upside reach sort of the 1725 to uh or 1740 to 1800 level all of this the Condition for all of this is that now The wave Silo is holding at 1547 and Also the Wave A obviously needs to hold At 1500 if we go below 1500 now it would
Invalidate this whole triangle idea and Then we have one more chance to Rally in Wave 5 at 1460 but if we go below 1460 Then I have to say the top was in and we Are in this Wave 2 already Okay and that's hopefully clear that's My 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 Channel membership thanks a lot for Watching bye