In my most recent ETHBTC analysis, I said that ETH was likely to break out of the downtrend it's been stuck in for nearly 2 years. It has done just that. I'm glad I added ETH and LTC to my long term portfolio recently at $107 and $32 respectively. So far, we haven't had a really GIANT move yet (only a measly 40-50% in USD value haha), but I think 1000+ % gains are unlikely to happen in this stage. We must first complete this bottoming formation, which means we could consolidate for a bit. The purple line provides pretty strong resistance in the near term, as I said in my last analysis.
Just take a look at this in the ETHBTC chart (circled in green). So far, we are repeating exactly the same price action from two years ago: We broke down after testing the downtrend line and then subsequently formed a big that has taken us out of the downtrend and onwards to test the red . Confirmation of this will be if and when ETH surges past that red line (currently around 0.045). The weekly has A LOT of room to grow, so this is certainly possible. The reason why I expect a much larger amount of capital to flow into the market is because the current version of the is much larger in scale. It even matches perfectly in terms of and . A breakout could be powerful enough to send us all the way past the ATH on the first impulse, as it did during the last cycle.
Takeaways from this analysis:
1) ETH will likely make a new ATH if it surpasses the red again, which means this time IT COULD ACTUALLY FLIP BITCOIN . Bitcoin dominance has been teetering on the edge of 50% for a while in a slow downtrend. This is something to watch out for.
2) If ETH breaks down below the recent lows, this idea will be invalidated and the bear market will extend another year at least. I think this is unlikely, based on the recently broken resistance.
3) This is not financial advice. This is pure speculation based on what I'm seeing in the charts. It does not have to play out this way.
Also a quick moment to brag on my some of my analyses from the last 3 months, which, if you go through my charts, has well over 50% accuracy:
I. Called the recent TRX run well in advance, including the buy in point AND the likely top.
2. Predicted the recent ETH and LTC breakouts.
3. Suggested that NANO would probably not go below the August 2018 bottom of $0.75, even if Bitcoin crashed to $3-4K (though it's starting to look a bit weak now).
4. Pointed out that Bitcoin broke two major diagonal resistances, so a breakout was looking increasingly likely.
5. Gave a very accurate buy and sell zone for GVT.
6. Nailed the bottom for EOS after suggesting a short down to 50K sats before looking for a bounce.
7. Bought NEO with an average fiat -> NEO price of $6, since I used my TRX profits for the trade.
8. Called the breakdown of XLM to the 2K sat area once 3500 broke.
9. Not crypto, but suggested to a friend to buy Cronos stock at $6. It is now above $20.
These are just some of my analytical successes. Hopefully I can continue to analyze with fairly good accuracy. I'm in this market for the long term. I am not selling at these levels, because it seems too risky to me. Of course we can head lower, but right now that doesn't seem likely. It would be a huge slap in the face for bulls though.
AGAIN, this is not financial advice, and I am not a professional. You chose what to do with your money.
1) scale - the present day bottom has taken 2 months longer to form.
2) We've tested the red trendline twice already as resistance in 2019, whereas we only tested it as resistance once in 2017.
Interesting to note that the potential conclusion of the bottoming formation will occur at exactly the same time of year, if this plays out.