Bonk Cryptocurrency Price News Today – Technical Analysis Update! Elliott Wave Price Prediction!

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Ethereum ETH Price News Today – Technical Analysis Update and Price Now! In this video I talk about a technical analysis of the Ethereum Price and I talk about some important price moves that are happening right now! Ethereum Price Prediction! I also talk about Elliott Waves!

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Hello and welcome to another update video about Bonk yeah we haven’t covered Bon for a few days but really not much happened I want to take you through two scenarios I’m currently observing um I mean my base case is that this is the way 2 correction at the moment which is

Unfolding after the market topped in a five wve structure here in December it was around the 15th of December when the price topped in Wave 1 then a pullback started a correction which I consider a wave two correction um yeah basically the first five wve cycle is complete the

Move down looks corrective and yeah it’s not a great structure I have to say it’s very weak and there wasn’t even a healthy bwa not saying the B wve couldn’t extend further that’s still possible but there is currently no setup for it so the problem is that the market

Is basically dancing on these support levels here that we’ve seen yeah so around the 23.6 Fibonacci retracement and that’s just not a bullish structure I mean there is um it’s very difficult it’s going to be difficult for the chart to Rally from here I mean it can do that

But it would certainly be better structurally if it was going to tie the up all this mess here basically that would mean taking out these previous swing lows getting rid of the triple bottom because they rarely hold anyway and they typically do not allow really

For a um for for a rally with great confidence okay so typically we want to see a clear bottoming structure that could entail here this seawave to the downside and then to Rally impulsively or um yeah basically to extend the b-wave a little bit and then come down

And wave C and then to go this is going to be difficult yeah as a bottoming structure obviously not impossible I just highlight what is the for me most likely scenario and that would be to take out these previous lows of course until we finally break through this

Fibonacci level on a sustained basis it is for example possible that this B wve is still extending either to the upside or sideways as for example a triangle I’m actually thinking about hm is maybe a triangle unfolding here um but you know this is a bit too early to

Confirm but I talk about the two structures here that I’m observing so first of all in the yellow scenario the market came down obviously in the a wve of this Wave 2 already bottomed here on the 8th of January b-wave rally was rather weak that b-wave and now we could

Be moving down in this c-wave this looks a bit like a five-wave move so could be Wave 1 off C maybe this was a wave two and yeah but this is not really yet a seawave down okay so I’m thinking uh a third wave I mean yeah it’s not really

Aggressive enough for a third wave maybe it is a third wave but then it really needs to break below the previous low then we should still get a four and a five that’s the yellow count can take us down to the 38.2 retracement level it’s a support level that I mentioned many

Times it’s um yeah it’s it’s still quite far away so around um 472 70 obviously you need to add the five zeros before okay now something I’m thinking about in this yellow count that maybe this wave two never finished and it’s still unfolding but it’s just difficult

To um there’s just no setup for it okay but that’s possible it’s possible that this wave two still extends higher resistance resistance for the wave two is here in the red box I just need to change the color and yeah it’s basically here between 13223 and 157 565 so it’s possible this

Wave two extends a little higher this is an extremely weak wave two and it’s not really coming down impulsively three waves to the downside so it’s possible that the wave two does this a wave up B wave down C wave up does that mean it will happen no absolutely not just

Pointing out here um that it definitely still has the possibility to do so because it’s only a three-wave move down so if it rallies from here that’s probably what I’m going to watch for first basically a one two setup and then a third wave down can follow um in

Addition to that I’m tracking the white structure in the white structure this b-wave which likely topped on the 10th of January never finished um but in fact the B wve is a triangle a b then but also here the c-wave could go a little higher possibly into the same Fibonacci

Resistance area then we could get a d and an e so the difference between white and yellow is simply that in the yellow count it could basically break down straight away but possibly after one more lower high in wave C then it should break down whereas in the white count

The B wve is actually unfolding as a triangle and it should give us a few more possibly weeks one or two more weeks sideways action um forming lower highs higher lows limit or reduction in volatility and in volume so that would be extremely boring but then also

Ideally breaks down from there um yeah that’s sort of what I see at the moment I mean if if it gives me a clear five wve move up three-wave pullback I’m going to I’m going to highlight okay possibly wave two already finished but that would need to you know it would

Need to give me more evidence for that I just don’t it it there’s nothing currently that would um give me a clear sign of a low in place that’s my update about Bon hope you like the update if if you did please hit the like button leave

A comment and subscribe and if you really like the content then please check out the channel membership also make sure that you follow us on Instagram and Twitter for additional content thanks a lot for watching [Applause] bye-bye