The bearish pattern has been executed, more bearish targets in store
We have witnessed the strength of the broadening wedge which directed the price exactly to target 6. Friday's break of the correction channel proved to be convincible and at present we've got another Wolfe's structure of bullish weakness. So we would rather think of the next low which is likely to be taken quite soon. The lower border of the broadening wedge - that is where our focus lies now.
An extreme complexity on top has led to a simple drop
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We have witnessed the strength of the broadening wedge which directed the price exactly to target 6. Friday's break of the correction channel proved to be convincible and at present we've got another Wolfe's structure of bullish weakness. So we would rather think of the next low which is likely to be taken quite soon. The lower border of the broadening wedge - that is where our focus lies now.
An extreme complexity on top has led to a simple drop
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Preparation work to a Price Action within a strong wedge
Tuesday's break of a triangle directed the price to the upper border of a broadening wedge, without a continuation so far. Currently we are witnessing weakness in retracement to almost a lower border of a triangle. In the very near future there might be therefore an exciting drop to some 15-16K, thus leaving the whole bullish battle in two structures for the level of 20K well above in the sky.
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Tuesday's break of a triangle directed the price to the upper border of a broadening wedge, without a continuation so far. Currently we are witnessing weakness in retracement to almost a lower border of a triangle. In the very near future there might be therefore an exciting drop to some 15-16K, thus leaving the whole bullish battle in two structures for the level of 20K well above in the sky.
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An absolutely critical break-out of 21900
We all remember the August week from the 21st to 26th when plenty of buyers intended to break that level of 21900. All was in vain then. Now they have come back from as low as 18500 and that impetus was enough to break 22K. The question is whether that was enough to go higher? We can see a massive rising wedge in a 4-hour time frame. And our sell stop orders have been placed underneath the break-out candle - @21650. Once that trigger is filled the bull trap will be locked. At present no alternative to this is visible.
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We all remember the August week from the 21st to 26th when plenty of buyers intended to break that level of 21900. All was in vain then. Now they have come back from as low as 18500 and that impetus was enough to break 22K. The question is whether that was enough to go higher? We can see a massive rising wedge in a 4-hour time frame. And our sell stop orders have been placed underneath the break-out candle - @21650. Once that trigger is filled the bull trap will be locked. At present no alternative to this is visible.
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The Merge has been activated on the Ethereum network
On September 15, 2022, the network of the second largest cryptocurrency Ethereum (ETH) moved from an extremely energy-intensive Proof-of-Work (PoW) algorithm to a more environmentally friendly Proof-of-Stake (PoS)
Ethereum developers have confirmed the successful migration of the network on Twitter
The transition from Proof-of-Work (PoW) to PoS is the most important and complex upgrade in the history of the blockchain. One of the creators of the project and the founder of Consensus, Joseph Lubin, called the update the third major event in the industry after the appearance of bitcoin and the creation of Ethereum.
On September 15, 2022, the network of the second largest cryptocurrency Ethereum (ETH) moved from an extremely energy-intensive Proof-of-Work (PoW) algorithm to a more environmentally friendly Proof-of-Stake (PoS)
Ethereum developers have confirmed the successful migration of the network on Twitter
The transition from Proof-of-Work (PoW) to PoS is the most important and complex upgrade in the history of the blockchain. One of the creators of the project and the founder of Consensus, Joseph Lubin, called the update the third major event in the industry after the appearance of bitcoin and the creation of Ethereum.
How migration to PoS will Affect Ethereum
▪️PoW mining will replace another way of mining coins – staking
▪️Validators will provide protection of the main Ethereum network
▪️"The Merge will reduce the volume of electricity consumption in the world by 0.2%," says Ethereum researcher Justin Drake.
▪️The transition to the new algorithm should help the ETH ecosystem cope with the scalability problems that the network has faced amid the growth of the DeFi and NFT markets.
The transition of Ethereum to Proof-of-Stake pleased not all participants of the crypto community, as miners faced the prospect of losing income. This prompted them to create a fork to stay on the old Proof-of-Work mechanism.
Ethereum already has a Proof-of-Work consensus–based blockchain, Ethereum Classic, which has no plans to switch to Proof-of-Stake.
The ETHPoW token (ETHW) based on Proof-of-Work was presented in August 2022. On the morning of September 15, information appeared on the network that the mining of coins decided to support the teams of several large pools at once.
Against the background of the launch of the PoW fork, Ethereum holders will be able to receive new tokens in a 1:1 ratio to their ETH balance. The initiative was supported by some crypto platforms, including the Binance exchange.
▪️PoW mining will replace another way of mining coins – staking
▪️Validators will provide protection of the main Ethereum network
▪️"The Merge will reduce the volume of electricity consumption in the world by 0.2%," says Ethereum researcher Justin Drake.
▪️The transition to the new algorithm should help the ETH ecosystem cope with the scalability problems that the network has faced amid the growth of the DeFi and NFT markets.
The transition of Ethereum to Proof-of-Stake pleased not all participants of the crypto community, as miners faced the prospect of losing income. This prompted them to create a fork to stay on the old Proof-of-Work mechanism.
Ethereum already has a Proof-of-Work consensus–based blockchain, Ethereum Classic, which has no plans to switch to Proof-of-Stake.
The ETHPoW token (ETHW) based on Proof-of-Work was presented in August 2022. On the morning of September 15, information appeared on the network that the mining of coins decided to support the teams of several large pools at once.
Against the background of the launch of the PoW fork, Ethereum holders will be able to receive new tokens in a 1:1 ratio to their ETH balance. The initiative was supported by some crypto platforms, including the Binance exchange.
A small copy of the broadening wedge scenario has been played out, the large wedge one - is likely to follow
So you have probably earned money on price weakness above 21900, as per the previous recommendation. Now the price is likely to enter the large wedge, bounce from approximately 12.5K up to the upper border and "keep the ball rolling" down to ZERO level. One can't help admitting that such a move is even more than possible with the current market configuration, as we wrote before. There might be, of course, a "stop" or two down along that exciting way.
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So you have probably earned money on price weakness above 21900, as per the previous recommendation. Now the price is likely to enter the large wedge, bounce from approximately 12.5K up to the upper border and "keep the ball rolling" down to ZERO level. One can't help admitting that such a move is even more than possible with the current market configuration, as we wrote before. There might be, of course, a "stop" or two down along that exciting way.
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Early Tuesday price launch has ended in the same failure like Challenger shuttle launch
What a nice overwriting of a broadening wedge false break! We dare to suppose that might be more than enough for the price to reach the lower border of the wedge as merely. At present we've got the 15K level there. One can't help excluding of the opportunity of bouncing back to 18K, therefore, you'd better so far fix your profit namely there, 100 bucks higher or lower. The next price stop will be perhaps those 12,5 K if they are not hit earlier, of course.
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What a nice overwriting of a broadening wedge false break! We dare to suppose that might be more than enough for the price to reach the lower border of the wedge as merely. At present we've got the 15K level there. One can't help excluding of the opportunity of bouncing back to 18K, therefore, you'd better so far fix your profit namely there, 100 bucks higher or lower. The next price stop will be perhaps those 12,5 K if they are not hit earlier, of course.
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An exciting thought for the already yawning investors
The bullish impetus from the counter trend at the end of last week might have caused the moods hesitation. With a proper retracement we nearly had a continuation on Monday...but for the trap arisen all of a sudden above 19600. And the picture has so far been rewritten completely. The horizontal channel does not 100% need a break of its upper border, whereas once the price dives underneath that small counter trend line in a 4-hour timeframe, the market is likely to face the down break of 18K as well as the entire big bull trap formation finalizing. Thus, the vacant road to 1-2K will be on your palm.
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The bullish impetus from the counter trend at the end of last week might have caused the moods hesitation. With a proper retracement we nearly had a continuation on Monday...but for the trap arisen all of a sudden above 19600. And the picture has so far been rewritten completely. The horizontal channel does not 100% need a break of its upper border, whereas once the price dives underneath that small counter trend line in a 4-hour timeframe, the market is likely to face the down break of 18K as well as the entire big bull trap formation finalizing. Thus, the vacant road to 1-2K will be on your palm.
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The mid of August picture is likely to take place again
Again very complexed and extremely stuffed with tiny price moves market we are in at the moment. The horizontal correction channel has turned out to need the upper border break. We are experiencing the 2 rising wedges being finalized and expect the price to hit 21300 before the bears accumulate their forces in the "sweet zone". Taking into account the previous trap @25K with the following drop to 18K, we drive to a conclusion for the 3rd time in a row that we will see the market @13K in the near future.
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Again very complexed and extremely stuffed with tiny price moves market we are in at the moment. The horizontal correction channel has turned out to need the upper border break. We are experiencing the 2 rising wedges being finalized and expect the price to hit 21300 before the bears accumulate their forces in the "sweet zone". Taking into account the previous trap @25K with the following drop to 18K, we drive to a conclusion for the 3rd time in a row that we will see the market @13K in the near future.
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The signs of another price top
The triangle that we all can see as of the end of the US elections seems massive and strong enough for a good price move. On the other hand, the latest day struggle of bulls above the upper border of the triangle is to drive the investors to the conclusion that it is the time to jump into the car and maybe accelerate down until 10K. Taking into account the relevant support & resistance levels on the left-hand side of your graph, 10K seems to be a very good target of the "flag" scenario.
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The triangle that we all can see as of the end of the US elections seems massive and strong enough for a good price move. On the other hand, the latest day struggle of bulls above the upper border of the triangle is to drive the investors to the conclusion that it is the time to jump into the car and maybe accelerate down until 10K. Taking into account the relevant support & resistance levels on the left-hand side of your graph, 10K seems to be a very good target of the "flag" scenario.
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Only one day might be sometimes the border between the cycles!
What a DAY was yesterday! The absolutely critical edge of decision taking by the market happened @15820. All was important to the "guys from the hills" - the depth of the attack and relevantly the position volume…and might very well be even the date 22.11.22. So as of today the picture has significantly changed. The price behaves in a such way that the market seems to be confident to trap the bears not only lower the passed 16300 level but lower already the not so distant 18K. We also need thinking of the possible next step as well - a vast "sweet zone" trap below 25K with a profit target @34K as the result of the 5th Bill Wolfe's bull pattern wave. Enjoy our graphs as well as another, hopefully, marvelous Trading Day!
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What a DAY was yesterday! The absolutely critical edge of decision taking by the market happened @15820. All was important to the "guys from the hills" - the depth of the attack and relevantly the position volume…and might very well be even the date 22.11.22. So as of today the picture has significantly changed. The price behaves in a such way that the market seems to be confident to trap the bears not only lower the passed 16300 level but lower already the not so distant 18K. We also need thinking of the possible next step as well - a vast "sweet zone" trap below 25K with a profit target @34K as the result of the 5th Bill Wolfe's bull pattern wave. Enjoy our graphs as well as another, hopefully, marvelous Trading Day!
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The market reality has shattered good hopes
What we can only safely say now is that the 2nd impetus has not proved to be actually the 2nd one, the strongest in the model "impetus-retracement-impetus". at the end of last week when the price painted the key landmark for the correction channel that we have got accustomed to so much. Today the market touched the low border of it giving the bullish signal up to 18200 where we are likely to meet the last decision of the FED this year. If the price fails to reach that level, we are anyway to be ready to the price down turnaround since we've got that channel on the graph’s floor now.
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What we can only safely say now is that the 2nd impetus has not proved to be actually the 2nd one, the strongest in the model "impetus-retracement-impetus". at the end of last week when the price painted the key landmark for the correction channel that we have got accustomed to so much. Today the market touched the low border of it giving the bullish signal up to 18200 where we are likely to meet the last decision of the FED this year. If the price fails to reach that level, we are anyway to be ready to the price down turnaround since we've got that channel on the graph’s floor now.
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6 figures are behind, is there any in store of us?
Three impressive overnight breaks have pushed the price up to the level of 23900, exactly the one the price reached upon the breakdown of an ascending tendency at the beginning of May last year. Any senior time-frame closure above 24K will mean a true road to 40K and 60K. As for the current momentum we can still see the bearish picture in place where the bearish pattern on our graph has not gone anywhere! We all remember December 2017 when the size of a "sweet zone" above 13K was as much as 6500 dollars. The size of it now is 5000 only, as we are making our assumption at the moment.
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Three impressive overnight breaks have pushed the price up to the level of 23900, exactly the one the price reached upon the breakdown of an ascending tendency at the beginning of May last year. Any senior time-frame closure above 24K will mean a true road to 40K and 60K. As for the current momentum we can still see the bearish picture in place where the bearish pattern on our graph has not gone anywhere! We all remember December 2017 when the size of a "sweet zone" above 13K was as much as 6500 dollars. The size of it now is 5000 only, as we are making our assumption at the moment.
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Fingers crossed - cautiously adding size to our positions
What a market effort to get out of consolidation! Let's put a credit to the Fed's decision which made a core bull trap last Wednesday. The NFP release on Friday confirmed the bearish direction of the price exit out of sideways move. And surely a very nice Wolve’s bearish pattern on top of that. 21K is the 1st target of ours with the following 18.5K and 13.5K within the framework of a large pattern. Enjoy the price sliding and control of your risk.
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What a market effort to get out of consolidation! Let's put a credit to the Fed's decision which made a core bull trap last Wednesday. The NFP release on Friday confirmed the bearish direction of the price exit out of sideways move. And surely a very nice Wolve’s bearish pattern on top of that. 21K is the 1st target of ours with the following 18.5K and 13.5K within the framework of a large pattern. Enjoy the price sliding and control of your risk.
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Aren't we in the 3rd Elliott wave? The triangle does not give any promises.
On one hand, "all is rosy in the garden": an aggressive bullish high above the previous 24300, well above the correction channel. Then a local trap above 25100 followed by a descending tendency with its deep (61,8%) and shallow (50%) retraces. However, the current consolidation triangle gives us, as always, approximately equal chances for continuation. The bears might have about 15% advantage to develop their shorts. The 1st target of success - 20800 which in its turn will open the road to 18500 & 12K.
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On one hand, "all is rosy in the garden": an aggressive bullish high above the previous 24300, well above the correction channel. Then a local trap above 25100 followed by a descending tendency with its deep (61,8%) and shallow (50%) retraces. However, the current consolidation triangle gives us, as always, approximately equal chances for continuation. The bears might have about 15% advantage to develop their shorts. The 1st target of success - 20800 which in its turn will open the road to 18500 & 12K.
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"H&S" instead of a plane formation
As long as the top @25300 stands firmly the latest price move needs determining as the «right shoulder». Let us assume that it would be by far better not to let those people go rather than jump for extra liquidity above that level. So "H&S" aiming @16200 is on top of our agenda. Alternatively, another false bullish impetus but with the same bearish final via a rising wedge.
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As long as the top @25300 stands firmly the latest price move needs determining as the «right shoulder». Let us assume that it would be by far better not to let those people go rather than jump for extra liquidity above that level. So "H&S" aiming @16200 is on top of our agenda. Alternatively, another false bullish impetus but with the same bearish final via a rising wedge.
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