TradingShot

Ethereum buyers shouldn't worry and here is why!

POLONIEX:ETHUSD   Ethereum / U.S. Dollar
Cryptos have a habit of repeating some patterns over and over again. Ethereum is no different.

I took a closer look to Ethereum's bull market and in particularly 3 fractals which all appear to share a similar candle action to ETH's price volatility from October 2018 to date.

Initial price drop , high volatility (consolidation) with an obvious Resistance and then aggressive rise. The exception is Fractal B which consolidated longer (almost twice as long) making a re-test of the initial drop/ low (even slightly breaking) it, before it broke out. It did however increase much more than then other two (around +4,300% as opposed to Fractal A +1,800% and Fractal C +480%.

Assuming that ETHUSD hit the bear cycle's bottom in December, we can expect it to start rising more aggressively on the short term. If I had to make a pick one Fractal of the three to fulfill this scenario that would be Fractal B as in duration it is much more similar to Bitcoin's expected consolidation phase. In that case we have roughly another 175 days of trading between the cycle's bottom ~80 and current Resistance ~ 185.

Do you think ETH bulls need to worry? Hit me with your estimate in the comments section!!
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Really interesting take on it! But I think the head & shoulders that formed over the past couple of weeks does provide a downward pressure that could mess up this nice scenario.
But like you, I feel the bias is still towards the upside. Here's the h&s:

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Could ETH go to $10?
+2 Reply
TradingShot BlockchainYahoo
@BlockchainYahoo, Rhetorical question!
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Great post, well written. I believe that the broader market is priming for a September movement; so I (personally) would lean towards B.

Good to keep people looking at the long term to avoid making irrational decisions on the short term.
+1 Reply
TradingShot Moon_Rocket_Capital
@Moon_Rocket_Capital, Exactly, long term is what I focus on for that reason alone. Good to see you agree with B also.
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Interesting
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TradingShot Moiseiev_Yurii
@Moiseiev_Yurii, Fractals tend to be!
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Great post guys! We're currently short and we just saw our trend trendline break so we are going to play this short down to support and then look for the long with you. The break of resistance that has already happened on your chart is a great sign for a bullish move up. Looking at the overall trend we are still making higher highs and higher lows so until that changes, bulls moves look positive :)
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hamie101 TradeIndicators
@TradeIndicators, stop piggy backing popular posts and advertising your premium indicators.. every post ..
+1 Reply
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