Ethereum (ETH): Ending Diagonal Pattern
SUMMARY
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Here is the chart for Ethereum (ETH) and as shown, there is good probability that the minor correction has completed, if not, shortly. The five wave impulse (white) is being corrected and the blue ABC waves have exceeded the 0.618 Fib zone. This thus makes the correction quite mature and at terminal end of its life cycle. I've labeled the Ending Diagonal for the blue C wave. While ED usually occurs at the terminal end of wave 5s; they are seen on wave Cs of an ABC correction. This is the only time when an impulse label can be overlapped.
So, what's next? Well, take a look at the MACD. It looks to be on the oversold side (blue circle). Price needs to confirm the correction bottom by impulsing upwards (white). So, we need to start seeing higher highs. ETH is currently following Bitcoin and no longer leading as it had briefly the other week.
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@haejin can you please do an detailed price update on Verge (XVG)?
Alot of people in steemit community would like to see this coin :)
Here is the Verge update. Please use only to augment your due diligence. I hope it helps!
https://steemit.com/verge/@haejin/verge-xvg-pattern-and-waves-point-the-same-direction-up
I appreciate your effort, i just hope you stay on steemit and continue with your awesome posts :)
Verge: https://www.elliottwavetrader.net/p/analysis/XVGUSD-201805224712387.html
https://steemit.com/xvg/@shmele93/verge-xvg-btc-correction-still-in-progress-as-expected-pottential-profit-of-480
Here you can see update for Verge(xvg) if you like it you can follow me and see charts for alot of coins.
Yes, I'll get to it today.
Sorry if I mess with this comment.
I was wondering if you could help me to promote this post where I present my project Cards & Tokens and thus get to reach more people.
Thnaks a lot!
Hello, @haejin. I am still trying to understand this whole crypto thing, hoping to start some trading. Someone made me understand right now is the best time to buy.
I see you are obviously good at what you do, and i could always use your insights to guide me. Problem is i am really still trying to understand everything, and it is just too much.
Is it possible for you make a post on 'Introduction to crypto currency trading'?, especially on how to read this charts, defining the terminology used, ans what they signify....ABC correction...blah blah .....
It would be useful for me a beginner, and i know even for many others.
Forgive my ignorance, but i a sincerely wish to be able to look at your charts, to read them and to understand and sue it to augment my own knowledge as i start to trade. thanks
All of that will be on the bitcoinlive platform which will launch on June 4th.
Wrong again. Listening to your TA will drain everyone's investments.
Coins mentioned in post:
it is a best cryptocirrency in the world.
No my firend EOS and Bitshares remember this two names.
ETH was never intended to be currency. It's a token and it is far from the best in its current state. You can barely run anything there except ICOs. But, this is why we have EOS.
Thank you..
Its really an helpful post....very good analysis, getting to know more about all this.
Thank You for the post.
But looks to me market will go south ... again... so your TA will most likely be wrong.
Thanks so much for the detailed analysis here!
I am a strong believer in crypto and I think Ethereum is built around a great concept, but i think its technology will be surpassed by the new cryptos relying on new blockchain infrastructures... What do you think?
Thanks for the analysis. I'm getting to understand cryptos more with your daily updates.