Elliott waves crypto analysis – short towards 581.50


short towards 581.50

Wave Analysis

Similar to the Bitcoin, Ethereum continues to loose value despite the previous forecasts that it could rise towards 891.51. We expect the downward rally seen for the last few days to be the unfolding of a corrective three wave cycle but should not go beyond the previous corrective wave (iv). Ideally, the immediate down trend that started earlier today, is the unfolding of the impulsive wave c to the lower side but should not go beyond 581.80. You could remain short temporarily and wait for a long term buy around 581.80 with your first target at 730.77 and the next target at 891.61.

Trade Recommendations:

short towards 581.50

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