Will history repeat again this time ?
with ETH-BTC has broken its key support and BTC has high chance to dive to 5k. So it is definitely possible for eth-usd to repeat its history to have another 58% dump until end of this august. The final target is in the range 200$.
Note: Eth-usd daily is already oversold but NOT low enough , we can have a bounce around 270$ first
This is just a discussion post, not financial advise
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And if we don't see a reversal signal , the pattern might continue on again .
RIP OFF ETH
reason: when it drops , it drops more than bitcoin.
when it recovers , it recovers less than bitcoin
until eth reaches its bottom, this pattern will continue
How high we rebounce will decide whether the pattern is broken or not
Note: don't trust into my analysis too much . However, i will definitely buy in because i believe into my analysis
everyone should pay attention to a break of 300$ . Eth-usd will continue on its SHIT pattern 15% drop to 250$ area.
As you can see on volume profiler, 250$ range has highest interest and it is also another key support.
If the panic is kicking, and break 250$ , be prepared to see 200$ range. However, for this case, I strongly believe that we will see a strong buy wick candle.
On the upside, it will only happen if we break above 330$
According to my time analysis, the ideal time to buy should be around August 15th-17th
However, doesn't matter whether btc will bounce little first ,then drop. Or drop from here. The final destination is still more down. It is just a matter whether we will do it sooner or later. Today should give us a clue because btc's penant is very tight now. A breakout should have happen today
it drops more than bitcoin BUT it recovers LESS than bitcoin
I will rather spend my time on Stellar and Bitcoin instead and will come back to ETH when its strength is back.
Stay safe guys, the main trend is downtrend. And we are expecting ETH to drop further.