A nice little setup happening here. ETHBTC is topping and has retraced back to 0.618 of the previous sell off. In addition there is an ABC 1:1 price confluence also hitting the same area at 0.618.
Could price go higher? - of course anything can happen, but there is plenty to make a case that price reverses right here right now. In addition:
1) BTC appears to be locking into a price tightening coil which will restrict further ETH upside. And even if ETHBTC does pootle a little higher, ETHUSD looks to be trapped by regressive BTC movement.
2) ETHBTC previous retracement was 0.786 and considering a weakening topping formation, it is likely that the subsequent fib will be less and 0.618 is the golden fib, so good chance it will be here.
This can potentially be a short to hold into the next capitulation. Look to BTC 2018 coil at 6K capitualtion and respective ETH chart - that is what is coming whenever this drift concludes (imo).
I'm not even taking this trade lol. This one is for you guys.
But please do your own due diligence - this is not in the slightest bit advice. If you don't know what you're doing shorting is very risky, I do not recommend anything.
Could price go higher? - of course anything can happen, but there is plenty to make a case that price reverses right here right now. In addition:
1) BTC appears to be locking into a price tightening coil which will restrict further ETH upside. And even if ETHBTC does pootle a little higher, ETHUSD looks to be trapped by regressive BTC movement.
2) ETHBTC previous retracement was 0.786 and considering a weakening topping formation, it is likely that the subsequent fib will be less and 0.618 is the golden fib, so good chance it will be here.
This can potentially be a short to hold into the next capitulation. Look to BTC 2018 coil at 6K capitualtion and respective ETH chart - that is what is coming whenever this drift concludes (imo).
I'm not even taking this trade lol. This one is for you guys.
But please do your own due diligence - this is not in the slightest bit advice. If you don't know what you're doing shorting is very risky, I do not recommend anything.
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This will very likely be a descending triangle top - somewhat unique to crypto. If/when it breaks to the downside it can get all the way back to 0.04, possibly lower without a significant bounce.
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Invalidation would be a triangle break to the upside on a time frame high enough to factor potential fakeout (daily?) with ETHUSD also in an uptrend.
Even if it did break to the upside I would probably hold a bit as algos seem to like to drift price and ultimately ETHUSD is the important chart.
I don't think this will happen but you never know. I'm just posting this comment for completeness.
Not advice.
Even if it did break to the upside I would probably hold a bit as algos seem to like to drift price and ultimately ETHUSD is the important chart.
I don't think this will happen but you never know. I'm just posting this comment for completeness.
Not advice.
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0.618 fib confluence also on ETHUSD. Highly probable it tops in this area.
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Bearish divergence and price pealing away from 0.618 shorting area. This looks like it will be a perfect call and England are in the final. Its a good day.
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Price has been impulsive to the downside and looks to have completed a B wave. Most probable target is ABC 1:1 @ $1835 however this can be a hold into next capitulation from here.
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Looks like an 1:1 ABC within the B wave to allow enough time and retracement.
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Bitcoin moving up
But Ethereum not moving with it
because ETHBTC retracement topped and is now bearish again.
When BTC moves down again, probable ETH will make an impulsive C wave to the downside.
But Ethereum not moving with it
because ETHBTC retracement topped and is now bearish again.
When BTC moves down again, probable ETH will make an impulsive C wave to the downside.
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complete an impulsive C wave to the downside.*
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Two spinning top D candles with matching bodies show trapped price. If the third closes with no upside wick shows pressure to the downside.
This looks a very clear continuation and when done the trend down should resume.
This looks a very clear continuation and when done the trend down should resume.
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ETHBTC hanging man / doji forming and probably an inside candle pattern building cause to the downside.
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The impulse returns and price is into the next leg down. Now the question is whether this is a corrective or motive leg. Either way it doesn't really matter, this is one to hold.
Not advice.
Not advice.
Comment:
Who doesn't like a nice easy short? There will likely be a bounce against /BTC around the 0.055 triangle bottom and good to look across to ETHUSD if/when that happens. If ETHUSD is at a fib target - expect a bounce. That said $2400 looks a safe territory now and I wouldn't concern about price returning. The easiest thing to do is be aware of a bounce but to hold.
Not advice of course.
Not advice of course.
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This one worked perfectly.
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For anyone that didn't realise:
Part 2 14/5 - Crypto Focus video now uploaded😼.
The tide is turning and blind hodlers might be rekt down the road💀.
Deep analysis - I keep the juicy details for my clients.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35
The tide is turning and blind hodlers might be rekt down the road💀.
Deep analysis - I keep the juicy details for my clients.
Telegram Group: $50 per month 👍🏻.
Contact: t.me/dRends35