Looking at the ethereum chart and it’s clear that a major correction has completed.
Problem is too many people think the bottom is in. Don’t get me wrong, a bottom is in but now the market is in a phase where short sellers are going to get their faces ripped off. The phase of the market where bears are late to the game.
I wouldn’t consider shorts until ethereum gets above $2000. There’s decent probability we are in the wave 3 of 5 of c of (x).
I’d stay long for the time being and if you use leverage, don’t use high leverage unless you can afford to lose that money.
@SwallowPremium I've been here for years and I'm not going anywhere
esorlegin
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Thank you. good work. what would happen if your base point was march 2020? It changes the picture significantly
bitdoctor
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@esorlegin, The start of this actually originates back in 2018. I still believe ETH can get up to 20k but it will take years for that target to be realized. There will be another shakeout event I believe (but that doesn't stop me from holding some ETH). Not sure where the bottom will be just quite yet (need to see more structure get created) but this is what the next couple years likely will look like based on what we see up to this point.