**REALITY CHECK** Ethereum Also Down 75% Since My Call For ZERO!
On March 12th, I made a call that ETH (like many others) could fall to zero dollars, based on a huge head and shoulders formation in the analysis. That analysis, titled (Why Ethereum is Poised To Fall At Least 40% By April 18th!) is linked below. As you can see, ETH has fallen a whopping 75% since then. SEVENTY-FIVE PERCENT people!
This is my wake-up call to everyone. Actually, my wake-up call was when I posted the original analysis months ago. Now, this is me throwing a bucket of ice cold water in your face. Sooooo many people rejected that call with incredible disrespect, blind optimism, and unjust criticism. I'm not here to rub it in everyone's face. I'm showing you this, in an attempt to help you realize that NO investment is safe. No matter how good you think crytptocurrencies are, they can ALL be decimated. Don't be brainwashed by everyone in the crypto space, into thinking that this is a fool proof investment class. I can guarantee that something as risky, problematic, volatile, and speculative as crypto can easily be erased from existence. So have your guard up, and take negative analyses seriously. They could definitely save you in the long run.
Looking here at the ETH chart, you can see that it's continuing it's relentless descent. In fact, if you look at the 20 EMA (in blue) you can see that it has acted as powerful resistance since July. Currently, it appears to be sending prices lower again. Now, could the markets start to find some support? It's possible. But I think it will really boil down to how Bitcoin plays out. BTC in a bearish descending triangle at the moment (which actually projects a possible fall to zero) so we will have to see how that plays out. Most likely, BTC will produce a break to the downside, which would undoubtedly drag the rest of the market down with it. That's not to say that an upside breakout isn't possible. It's just not the most PROBABLE scenario. Therefore, it isn't very probable that we will see a miraculous jump in ETH either. Judging by the chart, we can expect the 20 EMA and the 50 EMA (in orange) to continue to provide upside resistance in this market.
One last thing I would like to point out is the overall appearance of the chart. All of the action on the left side could compose a left shoulder, the all time high obviously is a head, and the recent action on the right side of the chart appears to be a right shoulder. So, the whole thing looks like a long, drawn-out, distorted head and shoulders pattern. It's not perfect, but it doesn't have to be. You can see that in the slight asymmetry of the head and shoulders pattern at the all time high. In summary, I do expect (at the very best) sideways action in this market, followed by a likely continuation to the downside.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
This is my wake-up call to everyone. Actually, my wake-up call was when I posted the original analysis months ago. Now, this is me throwing a bucket of ice cold water in your face. Sooooo many people rejected that call with incredible disrespect, blind optimism, and unjust criticism. I'm not here to rub it in everyone's face. I'm showing you this, in an attempt to help you realize that NO investment is safe. No matter how good you think crytptocurrencies are, they can ALL be decimated. Don't be brainwashed by everyone in the crypto space, into thinking that this is a fool proof investment class. I can guarantee that something as risky, problematic, volatile, and speculative as crypto can easily be erased from existence. So have your guard up, and take negative analyses seriously. They could definitely save you in the long run.
Looking here at the ETH chart, you can see that it's continuing it's relentless descent. In fact, if you look at the 20 EMA (in blue) you can see that it has acted as powerful resistance since July. Currently, it appears to be sending prices lower again. Now, could the markets start to find some support? It's possible. But I think it will really boil down to how Bitcoin plays out. BTC in a bearish descending triangle at the moment (which actually projects a possible fall to zero) so we will have to see how that plays out. Most likely, BTC will produce a break to the downside, which would undoubtedly drag the rest of the market down with it. That's not to say that an upside breakout isn't possible. It's just not the most PROBABLE scenario. Therefore, it isn't very probable that we will see a miraculous jump in ETH either. Judging by the chart, we can expect the 20 EMA and the 50 EMA (in orange) to continue to provide upside resistance in this market.
One last thing I would like to point out is the overall appearance of the chart. All of the action on the left side could compose a left shoulder, the all time high obviously is a head, and the recent action on the right side of the chart appears to be a right shoulder. So, the whole thing looks like a long, drawn-out, distorted head and shoulders pattern. It's not perfect, but it doesn't have to be. You can see that in the slight asymmetry of the head and shoulders pattern at the all time high. In summary, I do expect (at the very best) sideways action in this market, followed by a likely continuation to the downside.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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www.tradingview.com/chart/8F9vW6X7/
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