I originally posted this setup on Oct. 30 (linked). It took FOREVER to reach the anticipated reversal zone but today's capitulation sell-off finally completed this wave. I can only imagine how negative sentiment is today on social media and such, so the mood and despair for the bulls also creates good conditions for a major bottom here.
Note to self: sideways choppy conditions require extreme patience for targets to be hit.
Just two points, the 228.08 swing high (Sept. 15) and 206.14 midpoint (circled, Sept. 17) predicted the reversal that occurred today!
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Premature call for a final bottom... the downdraft continues, please see my longer term ETHUSD idea calling for a test of $100.
@Kgear117, marginal new low today, the next few days will decide... expect a slow climb back up for starters. If you're right and we have another significant down wave I'd be concerned, targeting the 61.8% extension on this eth/usd chart around $155 and bitcoin likely below $5,000 :S
@Kgear117, Too early to pop champagne lol. I'm looking to see bitcoin above 5600 steady fairly quickly... if we flatline and don't really bounce up there the banksters might still have enough tricks left to take us to down to 4800-5000