Like many people, I was ultra bullish on ether after seeing massive volume and a forceful bounce from the mid $80's past $300. I grew even more bullish looking at ether's cycles and believing not only was the bottom in, but we were about to rip to new ATH's.
I strongly believe fractals and cycle pattern can be used to make a lot of money in this space but this ether cycle pattern looked too obvious. Could so many people win?
While taking a look at the chart, I pulled up a big picture RSI and was shocked at what I saw. I believe my chart is self explanatory from here. I think Ether will devastate and make a new low. This makes sense seeing as <insert alt>/Eth charts appear to show them making massive multi month gains against Eth. The picture becomes clearer and I have switched from Bullish to BEARISH. Convince me otherwise. Would love you opinion.
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This will be invalidated if Ether breaks and closes above $225.
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Since this post we have bounced off of tentative support in the $150's and we had a reaction rally to the low $190's. Currently we are sitting at $181. Nothing has changed regarding my outlook. The daily bear flag has not been invalidated and we have felt resistance at what used to be support. I believe we continue to move down and am expecting a move down to the $100-$130 range. I believe it is very possible that we have not seen the bottom yet and we will see the bottom between $50 and $60. The low will be in when the RSI breaks the downwards trend line on the 3 day chart imo.