Another "spitball" ETH (BTC) Prediction from the Llama :)
In my humble opinion, ETH appears easier to chart bigger moves than BTC has been. Crediting less trade noise in my observation. The last time I charted ETH, it was clear $3400 BTC was a buy... and it WAS! This time, I'm looking at what might happen with the BTC descending triangle, while others see it as a descending wedge or bullish pennant... See what I mean? It could be any of the those frankly.
Now that we've established some uncertainty, what about patterns? Well we know a Bullish Gartley calls for a .618 retrace of the XA move. So far, we see that. There is, however, a lot of assumption past this point, but if we consider BTC is in some triangle, wedge shape, it appears to me we are bouncing up to retest the descending trend line which has kept prices in check and moving downward. If perhaps this Gartley played out, could we not see rejection in the B to C leg, quickly heading back down to test support once more before a big move, at which point bulls either step in and break up or bears remain in control and prices plummet.
Here's to optimism and seeing if this pattern plays out! NOTE: Not trading or investment advice. Entertainment ONLY!
Good luck.
Now that we've established some uncertainty, what about patterns? Well we know a Bullish Gartley calls for a .618 retrace of the XA move. So far, we see that. There is, however, a lot of assumption past this point, but if we consider BTC is in some triangle, wedge shape, it appears to me we are bouncing up to retest the descending trend line which has kept prices in check and moving downward. If perhaps this Gartley played out, could we not see rejection in the B to C leg, quickly heading back down to test support once more before a big move, at which point bulls either step in and break up or bears remain in control and prices plummet.
Here's to optimism and seeing if this pattern plays out! NOTE: Not trading or investment advice. Entertainment ONLY!
Good luck.
Comment:
BTC chart pattern for reference.
Comment:
Perhaps a ways more to go on upside. We're recently left the oversold zone on CCI
Comment:
Correction ABOVE: RSI (not cci)
Comment:
Just had a chance to review and update what looks to be a different pattern forming at .886 retracement. If this holds, could be a bullish butterfly. That .886 needs to hold or this is invalidated.