MagicPoopCannon

The Master Never Loses! ETHEREUM! (ETH)

BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
Hi friends! Welcome to this update analysis on Ethereum! As you can see on the chart, ETH has dropped like a rock from the bear flag consolidation pattern. Just for the record, when I was posting charts about the bear flags yesterday, I got the usual push-back from the amateur analysts (at best) who think they know it all. They told me the bottom was in, I was ignoring the volume , these weren't bear flags, blah blah blah. Listen, when you're in university, do you teach the professor, or does the professor teach you? Moving on, you can see that the breakdown is clearly continuing. My triangle target, looks like a magnet that's drawing ETH directly toward it. With that said, it is not a 100% certainty that the triangle target will be met. However, given the aggressive bearishness in this market, I think a test of the triangle target is a high possibility.

If you recall from yesterday's post, I said "As you can see, there is a ton of overhead resistance, just above the current price action. We have the 200 EMA (in purple,) the 50 EMA (in orange,) the 38.2% retraced, the top of the bear flag , and the blue trendline which is the neckline of the head and shoulders pattern." looking at the chart today, we can see that the aforementioned overhead resistance proved to be fatal, and is sending ETH lower. Furthermore, we have a bearish crossover now, on the MACD , an increase in sell-side volume , and a death cross of the 50 and 200 EMAs. The technical implications of the death cross are negligible, but it's just an interesting development to note, which indicates a significant decline in the recent price action of ETH.

Overall, the next downside target is the 61.8% retrace, around $775. Below that, ETH could find some support around $665.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-

-JD-
It's early morning here in Australia on 6th Feb. 6.00am to be precise. ETH now $665, BTC $6900 and still falling. Overnight (here) all cryptos taken another beating. Maybe bulls have made enough money and not interested in adding to their millions! Where's all this money that was supposed to be dropping into this market? Now 5 weeks since ath and noobs getting out , poorer and with tails between legs. I've no idea where this will end as most people now ignoring good news on coins and selling on FUD. Reminds me of 1987, 2001 and 2008 in stock markets. Wish this market had some fundamentals for price valuation which would give people some basis to work with. Nothing in TA is doing any good at the moment. So many differing opinions. During last two weeks, every analyst has suggested new support lines on a daily basis and each marker has been lower based on overnight sales. Now we get more saying "if" this or "if" that which is a strong indication they do not know. If you are no longer in a position to short, then HODL and HOPE.
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Magic top
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I think it’s so epic that everybody just hated you for saying everything was about to go south. Now they kneel before you. You’re a legend.
+5 Reply
Hello Magic.

I have 2 week looking your posts and in the most of the cases your analize are correct!!

I have a doubt, you can tell me where i can learn more about the tendency triangles??

Thanks for the advices and analices.
Regards!!
+1 Reply
by the way, do you think you could do an analysis on BCH? Thanks if you have time. If not, no worries.
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man, you are about to be correct again. I would have bought Ether at $775 if I didn't read your post. Now I'm setting at $500, the target you put out.
Thanks magic poop!!!!!
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@rungan1978, I would do 676. I don’t think it will hit $500. It might though...
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You should really do videos man, love your comments even more than your TA :D Legend!
+2 Reply
Crypto @ usd(t) is still a bit weird
In bear modus, people seeks confidence. Fallback to age old patterns.. Thats why this works .
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thanks, @MagicPoopCannon good to see your idea with bear flag, H&S and ratio analysis. Agree with the long-term support around 665 to 600 zone, which coincides with my analysis with harmonic pattern.

I see a reversal to the upside around 600 with my analysis . Here's the idea:

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