April 26, the price of ETH shoots from ~50 to ~97 (+192%) in 8 days after a month of consolidation.
May 18, price sky rockets from ~97 to the all time high of 405 (460%) in 27 days after 15 days of consolidation. On the same day ETH reaches 405 (June 12), the overall coin market cap reaches an all-time high of 115bn.
Two large corrections in the coin market are seen on June 14 and June 24 before the overall market cap stabilizes around 100bn for the next 3 weeks. (coinmarketcap)
Finally, July 7 is when this consolidation period ends and the downward trend for the overall market cap begins. At the same time, google searches for bitcoin fork more than double between July 5 - July 11 and continue to rise. This is where we see the start of the downward trend of ETH which is wedged by the two blue arrows. The important thing to note is that this wedge comes together close to Aug. 1. At this point, all coin prices will likely hit their low for this bear. Notice the ETH prices in this range coincide with the last consolidation period before the large bubble that we got on May 18. This will be the time to open long positions with ETH prices between ~80 to ~109 USD. This range is determined by where the value of the upper blue and lower blue trend lines will be on Aug. 1.
We should be ready to react quickly as the market will likely become extremely bullish and move extremely fast after Aug. 1. See that since July 1 when the MACD first crossed the center line, both averages have been consistently moving further away from the center line. A bottoming out of the MACD and clear reversal towards the center line will be a good signal for the long position.
Please let me know what your thoughts are on the market after Aug. 1.
May 18, price sky rockets from ~97 to the all time high of 405 (460%) in 27 days after 15 days of consolidation. On the same day ETH reaches 405 (June 12), the overall coin market cap reaches an all-time high of 115bn.
Two large corrections in the coin market are seen on June 14 and June 24 before the overall market cap stabilizes around 100bn for the next 3 weeks. (coinmarketcap)
Finally, July 7 is when this consolidation period ends and the downward trend for the overall market cap begins. At the same time, google searches for bitcoin fork more than double between July 5 - July 11 and continue to rise. This is where we see the start of the downward trend of ETH which is wedged by the two blue arrows. The important thing to note is that this wedge comes together close to Aug. 1. At this point, all coin prices will likely hit their low for this bear. Notice the ETH prices in this range coincide with the last consolidation period before the large bubble that we got on May 18. This will be the time to open long positions with ETH prices between ~80 to ~109 USD. This range is determined by where the value of the upper blue and lower blue trend lines will be on Aug. 1.
We should be ready to react quickly as the market will likely become extremely bullish and move extremely fast after Aug. 1. See that since July 1 when the MACD first crossed the center line, both averages have been consistently moving further away from the center line. A bottoming out of the MACD and clear reversal towards the center line will be a good signal for the long position.
Please let me know what your thoughts are on the market after Aug. 1.