Recent development in ETH and BTC price is displaying significant weakness, at the moment it looks like it's poised to test the lower end of the major support, which could trigger a major selloff. Beware
Do you follow Investa's charts on here? He basically works on fractals, creates really compelling scenarios.
Anyhow, based on one of his 4hr ETHUSD charts, with a scenario based on a previous cycle, the pattern moves the same way as this idea. I overlaid an updated ETHEUR chart on top to see where it had got to, as it wasn't an interactive idea in the OP, it's tracking the same way as the underlaid cycle at the moment.
I might move my buy orders down a bit and wait it out.
@mattgarbutt, Hi, nope I dont, yes you're right it looks very similar yeah , but a key piece here is the large HS, it's target goes way deeper than I want to give it credit for.
Actually, I don't even want to acknowledge it because the risk for such drop in price is just plain stupid. But lets see..
moorbles
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@ethhunter, yeah, I’ve had that h&s drawn on a chart for weeks. If it played out fully, the price would go negative!! Let’s see. Licking my chops at the prospect of bargain basement eth though.
ethhunter
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@mattgarbutt, if it goes in negative you usually do a percentage calculation that would put the target around a whooping 234€. And it doesn't sound impossible to happen in my ears, but unlikely.
Personally 300-350€ is where i would buy with the chart i see now.
moorbles
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@ethhunter, I'd be fully OK at that price. My stops fired somewhere above 500€, so a rebuy at those levels, and I have a lot more ETH than I did before, and am in better shape for the next rally. As of now, it just feels like we'll be range bound for a few months of consolidation once the bottom has been put in. I base that on zero TA, and purely on sentiment and knowledge/experience of previous cycles. Next bull run seems several months away as of now.
Anyhow, based on one of his 4hr ETHUSD charts, with a scenario based on a previous cycle, the pattern moves the same way as this idea. I overlaid an updated ETHEUR chart on top to see where it had got to, as it wasn't an interactive idea in the OP, it's tracking the same way as the underlaid cycle at the moment.
I might move my buy orders down a bit and wait it out.
imgur.com/a/I6zo1