The Rise and Fall of ETH Part 3 (The great bull trap)

POLONIEX:ETHBTC   Ethereum / Bitcoin
4464 8 20
RSI broke down from trend. Price flirting with breaking the parabolic trendline . Could still get one more high to 2.618 ext. but if we start closing candles above there the idea is pretty much invalidated. This feels similar to the bitcoin             bull trap of early 2014 to me, could be wrong of course : )
Comment: broke the parabolic trendline...
Comment: 4h chart...looks like a head and shoulders pattern in the works:
Comment: Hi all, last update was in the comments, was watching that rising wedge. Since it broke up that pretty much invalidated the bearish head and shoulders pattern and thus it was the clear sign I was wrong. What now is tough to say, definitely still a believer in this general idea, but the price can easily go higher first. There is strong resistance at the 2.618 fib extension so that's where I would expect this to reverse. If not perhaps ETH truly is going to into the stratosphere, but at this market cap relative to bitcoin and all the potential competition coming in for ETH, scaling problems, etc…I doubt it but who knows. Stubborn bear : )
Comment: Here we go, price at resistance now. I think that could be it for ETH...give or take. Probably depends on the bitcoin bottom being in. I think theres great potential for this to be the yearly top and if not at least good for a big drop.

Yes I could be wrong, be careful, blah blah blah. Is this time different? Is ETH about to overtake bitcoin? Anything is possible but its usually unwise to bet against the king. If you disagree feel free to long ETH : ) Anyway, Gluck! Most importantly have fun.
Comment: Horizontal support seems to be holding well, and stoch rsi screaming for a bounce. Looking for it to become a right shoulder before the big drop down doe. Watch volume, should be weak.
Comment: Considering the bounce in bitcoin (and negative correlation)...this right shoulder may be brief.
I'm seeing a cup & handle (& it has the right volume pattern). It's not perfect as the left side should be a little higher + I could be wrong & often am :)
@L1-5152, Sounds like u just explained why its wrong : )

Perhaps u are seeing something u want to see that's not there? I do it sometimes as well. I don't see any cup and handle.
I agree this looks like a reversal but what do you make of how low the volume today is vs those days last fall at the bottom? Folks are still hodling
+1 Reply
@RexItUp, exactly, price has been going higher and higher ever since then on lower and lower volume which is a bearish divergence. I agree pretty much the majority of ppl who bought in have not sold, but that can change pretty damn quickly when the panic sets in : )
*passing by..peeks thru the blinds* >.>
And now?
@RexItUp, this is what i'm watching...if it breaks out of the wedge upwards then u can throw it all out and expect higher prices incoming but I still think we will break down. We'll see.
I'm cautiously long EthBtc because of how much volume it saw at the bottom weeks ago. I believe that was whales moving over with aim to pump Eth for a time. The recent stall out in the 0.09-0.1 range didn't have near the same volume, which makes me think the whales are still in their longs, aiming for a target price similar to those that others on here are sussing out. You could be totally right of course though!
+3 Reply
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