ETH – Possible Future Scenarios.
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My Friends.
• The future includes infinite possibilities. Out of all the possible outcomes, I chose three scenarios that are, IMO, the most likely. Of course, I cannot predict the future. I would ask you to consider these scenarios as an exercise and I would appreciate your feedback and suggestions.
• In this post, I am looking for possible long trades, beginning from the most optimistic scenario and proceeding to find potential reversal zones in case ETH loses the uptrend.
Scenario One – The most bullish scenario
• In this scenario, ETH doesn’t lose the uptrend. Instead, it finds support on the junction of the diagonal upward-sloping trendline and the horizontal support at the 1780 level.
• To confirm this scenario, ETH has to surpass the 2146 USDT level to confirm the uptrend.
Scenario Two – ABC correction
• IMO, this is the most likely scenario.
• In this scenario, ETH loses the trendline. It then finds support at the convergence of the 0.382 fib retracement and a nested demand zone. Then, it will push up, in an attempt to reclaim the trendline and fail at the juncture of the trendline and the 1880 horizontal resistance level.
• In this scenario, ETH can turn around, and resume the uptrend between the 0.5 fib to 0.618 fib retracement.
Scenario Three – Straight dump.
• IMO, this scenario is not very likely, or at least not right away. The reason is that bullish sentiment for ETH is still strong. Currently, I don’t see a cause that can create such a scenario.
• In this scenario, the head and shoulders pattern is in full swing, and ETH dumps until it retraces all or most of the uptrend.
Note: I am not an EW expert. I labeled the uptrend as five waves and the correction as three. I
• The future includes infinite possibilities. Out of all the possible outcomes, I chose three scenarios that are, IMO, the most likely. Of course, I cannot predict the future. I would ask you to consider these scenarios as an exercise and I would appreciate your feedback and suggestions.
• In this post, I am looking for possible long trades, beginning from the most optimistic scenario and proceeding to find potential reversal zones in case ETH loses the uptrend.
Scenario One – The most bullish scenario
• In this scenario, ETH doesn’t lose the uptrend. Instead, it finds support on the junction of the diagonal upward-sloping trendline and the horizontal support at the 1780 level.
• To confirm this scenario, ETH has to surpass the 2146 USDT level to confirm the uptrend.
Scenario Two – ABC correction
• IMO, this is the most likely scenario.
• In this scenario, ETH loses the trendline. It then finds support at the convergence of the 0.382 fib retracement and a nested demand zone. Then, it will push up, in an attempt to reclaim the trendline and fail at the juncture of the trendline and the 1880 horizontal resistance level.
• In this scenario, ETH can turn around, and resume the uptrend between the 0.5 fib to 0.618 fib retracement.
Scenario Three – Straight dump.
• IMO, this scenario is not very likely, or at least not right away. The reason is that bullish sentiment for ETH is still strong. Currently, I don’t see a cause that can create such a scenario.
• In this scenario, the head and shoulders pattern is in full swing, and ETH dumps until it retraces all or most of the uptrend.
Note: I am not an EW expert. I labeled the uptrend as five waves and the correction as three. I
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Note: I am not an EW expert. I labeled the uptrend as five waves and the correction as three. I did not check if it fits with myriad EW rules and regulations. IMO, the proportions fit, and this just meant to reflect a structure including an uptrend and a correction.
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