Ethereum found resistance at a key Fibonacci resistance and currently trading at the DPOC of the range.
Structure is very bearish and further decline is to be expected. There is a chance of 5th wave truncation since there is a deep pullback on the 4th.
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This was shared on twitter yesterday, in case you missed it.
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On the smaller tfs, it looks like its going for a leading diagonal, or an even more bearish 1-2, 1-2. If its a leading diag it should bounce on this range support very soon (~210).
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This straight up line is clearly impulsive, which doesn't fit with the lower degree count. Needs some time to resolve so we have a better picture. It could be a weird ABC leading diag or a more complex 2/B wave like on the left side of the chart.
Still failing to close above the 0.618-.65 zone and there is also more reasons to short a little higher at .786, -1 target and bearish block EQ.
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Will post a new idea once this resolves and has more info. There is a bullish case here and i don't wanna tunnel-vision you to the short side.
I spot that there are 5 waves inside your Micro Wave B. If you zoom in you'll see the wave fib ratios align to a 5 wave structure than a 3 wave structure. This could soon change though since there's a bear flag on BTC 15 min.
@WealthHustler, It went for the leading diag mentioned in the last comment, still bearish below 236...
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@Acel, it absurdly pumped to 237 and now around 230. strange -_-
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@WealthHustler, yeap, its weird overall cause its the only thing that pumped with volume. Alts didn't gain much value despite the ETHBTC increase and bitcoin slight price increase.