Ethereum in the last hours is breaking the resistance of $ 220 dollars.
This has been a rubbish for almost a month. At this time it was forming an SHS and today it has broken it
Let's see
It has been several days since I analyzed Ethereum, but I did not because the medium term analysis has not changed, we are still waiting for wave 5 of elliot, of the bullish cycle, of which it has already completed 4.
The price has lateralized and is forming a shoulder, head, shoulder that, if confirmed, would continue with the objectives previously analyzed.
If we measure the height of the figure and project it to the break, we can determine a target for this figure in the $ 250 dollars
Chartist figures may not be as reliable, we should expect breaks with good volume, and that the figure confirm with the pull-back to the previous resistance line, now support.
But more in these key days for bitcoin in which we expect a definition of the price trend. The exchanges may be looking for settlement points and generating false breaks.
Analysis according to Elliot
Analyzing the chart, we see that measuring the last bullish cycle with the Fibonacci retracement gives us that the price touches 0.382 and rebounds. This type of pullback occurs in 4 waves, 5 waves of the bullish cycle.
We can see in the graph that waves 3 and 4 could be completed
This allows us to measure the target of a 5 fibanacci wave
If we apply Fibonacci extensions, we can define a possible target, which would take the price up to $ 300 dollars
Bullish
Objective: range from $ 235 to $ 245 approx.
Objective: range from $ 275 to $ 285 approx.
Objective: range from $ 315 to $ 320 approx.
After completing wave 5 of elliot, you need to make a price correction.
What pieces will confirm the figure and will soon reach $ 250 dollars?
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The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
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