Ethereum Bear Market to Extend in Falling Wedge towards $150-130

Hello All,

Reposting due to earlier chart comments pulled for violating rules. Thanks to the Mods for letting us know.

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Note: We have been tracking this falling wedge and mini-H&S target $360 for far more than 3 weeks with the BG-members.

Ethereum has a triple history so far of downtrends within falling wedges . Currently, we are clearly completing the 4th downtrend within one of the largest rising wedge ever seen with a final bottom at $150-130 which would be a great buy for the long-term.

As we warned our BG-members more than a week ago, be cautious, as both ETHUSD and ETHBTC are bearish and decoupled from Bitcoin. Initially, ETHBTC broke down from the log bull parallel channel's bottom which initiated a stronger bear trend on Ethereum and in turns dragged ETHUSD further down within the large falling wedge. This immediately cascaded into ALT, taking them further down towards new lows and soon lower. Hence, why a week ago we recommended to exit ALTS back to cash and only perform a small scalp on ALTSUSD when Ethereum hit the support at $310-300 and selling quickly when Bitcoin hit $6,500-6,660 area.

Currently, Ethereum is between the anger and depression capitulative phases within this Bear Market and it extends to ALTS now which will not be a buy until sometime October-December 2018 and or even possibly early 2019. In other words, remain in cash as of now and wait till ALTS go further down towards their 2017 support levels and flatten out 2015 style for few months before rebuying back long-term. Of course, if we see any chances for a long-term entry on ALTS or final bottom in sight, we will advise.

Also, having experienced the bear market from on Bitcoin from 2013-2015, all we can say is patience is key and do not rush into buying into ALTS or Bitcoin and Ethereum without seeing proper bull reversal signs develop. So far I see none and the only free-pass past this bear market would be a Bitcoin ETF approval in 2018 which at this time we do not see possible. Our best guess is that the Bitcoin ETF will most likely be delayed until 2019 by the SEC.

ETHUSD Support Targets:
$310-300 (hit/failed)
$290-280 (hit/failed)
$250 (hit)
$154-130 (bottom of the falling wedge should be the potential final bottom on Ethereum -10.30% within this Bear Market) = optimal rebuy/entry

Finally, we believe that we currently completed 87% of the Crypto Bear Market. So it won't be long before the bear trend ends and we put in a final bottom through a high volatile V bottom at $154-130.

Best of luck and happy trading!
Bitcoin Guru Trading

Trade active:

Reposting from earlier chart:

Since Bitcoin will hit $5700-5600 in the next 48 hours (Ethereum would potentially hit $240-220), then wait and buy ALTS or BTC or ETH at the levels mirroring $5700-5600 since we will have a bounce on BTC back to 5900-6000 (where you can sell your ALTS) area before further downside.

Comment:

1H momentum crossed to bull and 2H momentum printing potential short-term bottom on ETH. With all timeframes oversold we should brace for a break to $290-310 4H midband.

And eventually we may see a bigger bounce to $330-340 resistance

Comment:

Currently hitting strong resistance at $295-310
We should be able to break out further to $320-330 top of the first falling wedge and drop back down.

That resistance would be the perfect area to take big profit at on ETH and ALTS.

You can leave 25% of your portfolio in ALTS and ETH in case we hit $340-360. Will update again if this becomes a possibility.

Comment:

We took profit at $295-306 then before the rising wedge broke down and initiated a potential bear reversal of the trend short-term.

Now we have to watch for two paths:

Bulls: Will expand the rising wedge into a bigger one and ETH pushes to $318-330 strong resistance + also top of the first falling wedge

Bears: Will score another reversal bear pattern through a bearish H&S with target $255-250 (retest of the bottom which would not be what we want to see). First the last shoulder of the H&S must form at $286-290 and a drop to $274 should occur to activate this trade

Comment:

Comment:

Per the above chart, we are now looking at the targets of:

$318-330 --> take 30-50% profit here
$355-360 (1D midband) --> take full profit here

Comment:

$318-330 range was hit yesterday.
Ethereum should reach our readjusted target of $350-363 of the IH&S at which we will take full profit on Ethereum and ALTS before seeing more downside in this Bear Market towards new lows

Comment:

Sorry for not being able to keep this update, weekend was busy and today we were busy with this bearish H&S target $250 which activated once Ethereum washed down to $276 and lower.

We had a stoploss at $289 that was hit yesterday and hence were not affected by the washdown. Stay on the sidelines until new lows are made and we head towards $200-180

Comment:

Although delayed due to some well needed consolidation for few weeks, ETH is resuming its downtrend towards $200-180 and towards the final bottom of $150-120