@ethhunter, I've seen some of your charts man, do you have any thoughts on a flat running/expanding of sorts correction on ETH?
ethhunter
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@Kgear117, I usually try giving some longer term perspective in my most posts, however it seems i only get the short term picture right. Situation right now is anyones guess...
But I can tell you that sellers are obviously still in control, but support is showing that we may be near or have bottomed - as this post we did get a weekly hammer which is can be a strong indicator for a trend reversal move, but this has yet to be seen. The only way to find out is if we A) close above resistance or B) close below support. One hope we have is is that we have not created a new low for roughly 6 weeks.
ethhunter
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The answer to your question is: It's a possibility - but I don't think it's likely. I'm not a EW guy tho.
If you consider that this positive price movement is a direct result of USDT collapsing and people fleeing into the trading pairs (ETH/BTC) then it tells a completely different story. The fundamentals just aren't there.
patkson
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Or -500% possibility on the bearish side you never know. Although one would expert eth to close above $298 key levels for some indication of a reversal.