Good day Hiveians!
Join me in analyzing the crypto markets!
So far we are on track to the scenario outlined previously
Two resistances out of the "four" have been broken, but the most challenging is the one the market is currently facing. It is the upper blue trend line coupled together with a general resistance in the 47-49k area (due to past price movements). Anyone who has looked at the crypto market for longer periods should be well aware of the three wave pattern that exists there. I therefore propose that we will face a correction to the previous resistances (which become a support) in the 43k area. Prices should then one more time recover to the 47-49k area which would be the "3" marked in the chart.
As pointed out before, the 47-49k price range also coincides with previous fib retracement levels that resulted in a rejection of further upward momentum. If so, all two previous times this led to a macro correction of more than 50% (!). A 50% correction would nicely fit into the before outlined price range of about 23k
This scenario would also fir very nicely with the possible path that ETH could take. While price has moved somewhat higher, it has not overcome the 0.6 fib ratio (just like in 2017). This has led to a correction down to almost 0.3 which now corresponds to about 2.7k. I would then expect a strong recovery to almost 4k, before having also a ~50% correction.
We should therefore still be in the run up to the market top in middle/late of 2022
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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