SUMMARY
Ethereum (ETH) has been diligently putting in the subwaves of the ABC ZigZag correction. Overnight, th 0.618 Fib level was reached and riefly penetrated twice. Thus far, the blue cluster of support seems to be holding. However, there is an alternate count.
This chart shows that the alternate count could require price to dip to the yellow level of support cluster. This would bring it to the 0.78 Fib level. This is likely and should be well in your awareness.
Bitcoin (BTC) has also be ZigZagging its correction. The first five subwaves of the A and three of the B are complete. Could the ABC be complete for Bitcoin? Yes. It could perhaps retake the baton and start cranking upwards. Let's see what happens during the next couple of days.
Now, again, let's not lose focus on the longer term. Here is a 4 hour MACD chart for Bitcoin. It's almost screaming bullish; that a breakout is about to happen it's just that no one knows exactly when. The current price correction could be the prelude to the the breakout event. Given this chart, is this the time to be taking SELLING or BUYING actions?
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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