SamHuynh

ETH-USD will it repeat its dumping pattern?

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
On March, Eth has dumped around 58% for around 26 days.
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 RSI 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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Comment: 280$ range is the strongest support of the whole chart. If it is broken, definitely we will see 200$ range which is the next strong support
Comment: the current pattern of eth-usd is "drop around 40-50$" , "stay consolidation", then "drop around 40-50$". if it follows this pattern, after a consolidation we will see 270$ range.
And if we don't see a reversal signal , the pattern might continue on again .

RIP OFF ETH
Comment: in my opinion, eth is not a good coin for long right now but ideal for short
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
Comment: now we are in consolidation mode. We need to see how high ETH bounces up to decide whether the bottom is reached or we will move to the next stage with another 15% drop
Comment: see the pattern ? " 15% drop, rebounce and stay in consolidation, then 15 drop,...."
How high we rebounce will decide whether the pattern is broken or not
Comment: in addition, we have never rebounced more than 0.382fib and stay below 15EMA. If we can break this pattern this time, it should ping us that Bull has gained some strength = bottom is either here or very near.
Comment: Attention is really needed in this area. Why ? this is the first time Buy volume is higher than sell one. It should signal us something :). However it doesn't mean that price can't go deeper. What we should do now is to wait for BULLISH Reversals. Remember that we are still in downtrend. We are definitely going to form another Penant consolidation again .
Comment: According to my analysis, we should have one more LAST dump then we will have some consolidation and go up. The last dump should end around August 15th to August 17th..

Note: don't trust into my analysis too much . However, i will definitely buy in because i believe into my analysis
Comment: btw it is not a blankly guess :). It is based on multiple facts and coins' behavior. Because those things starts matching together so perfectly around August 15th to August 17th , I feel very confident about buying around those time.
Comment: indecisive indecisive. Great. Why is it great? it is great because it has potential to deep further . We are at important price zone 300$ but no significantly rebounce

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
Comment: now I have mixed feeling. because basing on btc's pattern, btc might go up to 6.7k-6.9k first before dumping. If btc does that, then it will break my time analysis on August 15 or August 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
Comment: pay attention to btc guys,
Comment: ouch, btc's little failed attempt to break out and Eth has continued on dropping. Eth is acting so weak now
Comment: it seems like the correlation between eth and btc has been moved to extreme low one.
Comment: so coins have chose to continue on dumping down. That's good, it mean my time analysis August 15th-August 17th is still on track
Comment: look at btc at this part. Very tricky and trappy to play. Im sure it has trapped some impatient players for not waiting confirmation after a short breakout of downtrend line .
Comment: another 15% journey to 270$ range. RSI on daily is very oversold now. Something to take note at
Trade closed manually: I close this post because in my opinion, Eth is not worth at paying attention during this time

Why ?

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.
Comment: -16%. lol
what the fuk is this
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@NGN21, if you only like to see pumping post, there are a lot from other tradingview users , my friend
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@NGN21, is your eth holding still ok , my friend :) ?compare other post with lot of likes and this one :)
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NGN21 SamHuynh
@SamHuynh, good job!
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