Hello traders and investors,
We have recently observed the entire crypto market going through corrective behaviour.
In today analysis, we see the market moving in what seems to be the new cycle. Wave 1 minor red needs to be formed by 5 sub-waves minute degree (green).
Looking at the market geometry wave 4 (green) seems to be the same proportion of wave 2 (green) and perfectly composed in a descending channel (top to B, then projected from A to find C).
In addition, if we use the Pitchfork tool we see that wave 4 completed at the lower boundaries of the pitchfork (line set Fibonacci 1.75). Using a traditional channelling 2 to 4 passing by 3 we find possible wave 5 minute target of minor red 1 at $5.4k around mid-October .
Why $5.4k? the pitchfork middle line intercepting the ascending channel shows this target around 18th October.
What's your target for ETH in the short cycle?
We have recently observed the entire crypto market going through corrective behaviour.
In today analysis, we see the market moving in what seems to be the new cycle. Wave 1 minor red needs to be formed by 5 sub-waves minute degree (green).
Looking at the market geometry wave 4 (green) seems to be the same proportion of wave 2 (green) and perfectly composed in a descending channel (top to B, then projected from A to find C).
In addition, if we use the Pitchfork tool we see that wave 4 completed at the lower boundaries of the pitchfork (line set Fibonacci 1.75). Using a traditional channelling 2 to 4 passing by 3 we find possible wave 5 minute target of minor red 1 at $5.4k around mid-October .
Why $5.4k? the pitchfork middle line intercepting the ascending channel shows this target around 18th October.
What's your target for ETH in the short cycle?
