Thanks for the thoughtful comments! Really appreciated.
Crypteaux
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Seems very simple to me in relation to the Smart Money sitting out. Imagine you sold at $400 and are waiting to buy back in, buying back in at $200 and above would mean you have opportunity to double your ETH at most. If they are smart as their label implies, then wouldn't it be better to wait until ETH hits $100 or lower and have at least a 4x multiple instead of only a 2x multiple. Price dropped to $130 and they still did't enter back into the market, which to me is a huge indicator that they are waiting to see lower prices in order to gain greater multiples. We almost saw enough momentum from $130 to $260 which obviously wasn't enough, but I'm assuming Smart Money saw this and may possibly adjust their numbers for entering back into the market if price start approaching $130 again bc they don't want to miss out on the reversal. However, it also makes me think that they know $130 was not low enough for a reversal, so they are sitting patiently at $100 and lower to re-enter.
Crypteaux
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Thank you for this analysis it was a great help in getting me to be patient and let things develop further before jumping on the "long" band wagon like everyone else, so I appreciate how honest and genuine your analysis is and I think you are 100% correct....obviously!! There were TA's calling divergence of RSI and MacD at the 4hr candlestick but it was the smallest divergence possible and there was no divergence at 6hr candlestick and beyond, which sounded some alarms for me. People were calling flag poles that were clearly preceded by a sharp downtrend, but they instead were saying it would lead to breakout up, same thing for the flags, and also not acknowledging that symmetrical triangles can go either way. It just seemed that people were cherry picking the best scenarios to guide their analysis instead of doing a genuine analysis. They were allowing their emotion/optimism fuel their TA which is very dangerous, especially when there are tons of beginners using these TAs to make investment decisions. So I waited patiently ignoring the mountain of Long TAs because I simply did not think the volume was there and your post added some additional perspective. I understand that TA is simply a forecast and people get it wrong all the time, but when 99% of the TAs are all screaming "ETH LONG DOWNTREND BROKEN" there is clearly something wrong with the integrity of the TAs being posted. I think there are lots of people on trading view that are not nearly as experienced as they may appear and I'm afraid there are a hand full of trolls trying to manipulate others. I'm very surprised to see how many compliments some of these people receive and how they are ranked when they are consistently wrong. So sorry for the length of this post but I just want to say again that I greatly appreciate your honest and genuine analysis and going against the "popular" viewpoint. I can tell you are genuine also because you were right and you aren't on here bragging about how correct your are which shows your professionalism.
rsdntevl
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wouldn't this be an ascending triangle, which is a bullish pattern