Ethereum (ETH / USD) Big Bullish Candle - Target $ 270

Today we see a great candle that at the close of the day at these values ​​could indicate the beginning of the bullish cycle that reaches $ 270 dollars

Let's see

In the last days the price of Ethererum forms a double floor at $ 223 dollars. Validating that support.

The bullish cycle analyzed in previous days is not invalidated since the price forms a double floor and the price rebounds to the upside.

Elliot Wave Analysis

Analysis according to Elliot

Analyzing the chart, we see that measuring the last bullish cycle with the Fibonacci retracement gives us that the price touches 0.382 and rebounds. This type of pullback occurs in 4 waves, 5 waves of the bullish cycle.

We can see in the graph that waves 3 and 4 are complete

This allows us to measure the target of a 5 fibanacci wave

Elliot subwaves in bullish momentum

Elliot Subwaves

Within this wave 5 we can define 5 elliot sub-waves as we see in the graph

Analyzing the chart we can define a bullish sub momentum. We see the beginning of a bullish momentum, that if we analyze with sub waves of elliot we could identify the first 2 waves fulfilled and project the remaining waves of elliot

How the target is determined

If we measure the height of the 1st secondary wave and its correction to the 2nd wave, we can project a target with the Fibonacci extension.

This allows us to measure the target of a 5 fibanacci wave

If we apply Fibonacci extensions, we can define a possible wave 5 target, which would take the price up to $ 270 dollars

Moving Averages

If we analyze the price of ethereum, it is found breaking the mean lines of MA of 21 periods and that of 50 periods, graph 1D.

Price should break 21-period daily median line to continue uptrend

Bullish

1. Target: range from $ 235 to $ 245 approx. (compliment)

2. Target: range from $ 270 to $ 280 approx.

Bearish

1. Target: range from $ 210 to $ 215 approx. (compliment, double flour form)

After completing wave 5 of elliot, you need to make a price correction.

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