ETHUSD Classic – Break of 7.35 Would Skyrocket The Crpyto Currencie (Elliott Wave) 

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A three-wave recovery can be in play on the ETHUSD classic, with sideways, and slow price action from the 6.4 area being part of a wave b/ii correction in a double zig-zag (w-x-y) manner. We can see that the double zig-zag pullback found a base near the 5.300 area, from where price started recovering. This recovery can be an early sign of a completed wave b/ii correction, and that a five-wave move for a wave c or iii can be underway. In such case, market will see a break above the 6.35 area, and towards the 7.35/7.6 region in upcoming days or weeks. Also be aware of temporary setbacks during the upcoming recovery within wave c/iii, and keep in mind that we would like to see a break above the 7.35 region for a bullish confirmation, which would also suggest wave iii to be in play, rather than wave c.

Invalidation lvl. for the crypto currency is at 5.005 level.

ETHUSD Classic, 4h

ethusd classic


Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All of our work is for educational purposes only.


By Gregor Horvat

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