I actually was going to make an update on ETH and how the H&S vs. IHS was playing out. When I went to the hourly chart, I was like ... huh, that pattern looks familiar.
So, let me explain that one first. Starting at the peak and saying it is analogous to 20k BTC, check out the labels ... doesn't it look strikingly similar to what BTC has gone through since December 2017?? The scary thing is this is ETH for the month of MAY only.
Perhaps it's true, it's just all a repeat of the same old emotions ....
Anyhow onto the TA ... I wonder what happens when we crack that dashed purple line? $700. As I type this ETH is picking up steam.
I think I'm going to be very happy with this long position. BTC just needs to behave! Stop is in place in case it falls below the H&S neckline.
Remember, only a fool relies on one potential outcome.
Do not make financial decisions using this information. For educational purposes only.
Your labels show BTC going down so I dont see how this is bullish. Also, it's very hard to discern an H+S on your chart much less where the neckline is.
MAGICMARK
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@Johnny2Coins, hey, I posted another idea that showed the neckline yesterday ... this is just a follow up for my followers! BTC is in general down mode, yes, but right now we are in a corrective wave up. That gives the alts and ETH an opportunity to recover ... so it's a matter of finding those ones that look good for a nice rally chart wise! I longed ETH, EOS and aELF due to some attractive P/L margins. Seems so far the theory has held up as I'm up approximately 10% since yesterday!
Here's the original link to the ETH idea that shows the neckline to both an H&S and IHS.
racebum
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when we cross the purple line? probably not a lot. markets....like all markets i am aware of have never bubbled two years in a row, back to back. as you probably have noticed some people are saying this is 2013-2014 all over again. 4k btc anyone? technically and fundamentally this is flat wrong but the picture does look similar at a glance. you also may notice the rate of decline is really backing off coming into today vs jan-mar. the next likely phase is a sideways market. maybe 5-10% above the april low to 11.7k on the high. a consolidation pattern, as boring as they are for people is often exactly what happens after a major peak to trough event. the extreme bears are waiting to see if we have a 2014 repeat which would have us at 4k by years end and the bulls want to crack 11.7. i personally don't think either scenario is likely and i base this on major market peaks {bubbles} of the past 100 years. one of the only exceptions was 2008 with the housing crisis and the rare V shaped recovery which literally went down. reversed and began to uptrend again. if this situation is to happen in crypto we need to get on the right side of the 200 sma and not even think about coming close to it besides on infrequent pull backs. if the 200, 100 and 21ema line up and stay on the right side of each other for months we could very well have something
MAGICMARK
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@racebum, yeah, for sure. If you read my BTC ideas ... you'll see I keep the options and possibilities open. Volume is dismal, and I've always said it's because the price isn't low enough to attract buyers. I'd like to also add that fresh money is waiting for something else ... confidence. Not sure if regulation will help that. Me myself, I haven't interpreted exactly what the ETH "mini-map" of price and how similar it looks to the BTC movements over 2018 actually means. I'm going to put it down to human emotion ... a map of it. And if ETH can repeat in May alone what BTC has done in the past 5 months ... it means those emotions play out the same on a grand scale and a small scale ... it means they are consistent ... AND it might mean those pitching the 2014 trend could be right.
waran1102
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Great chart. Thanks for that. Just wondering Mark, who do you rate as the best coin forecasters on Tv?
It's always interesting to know what other top authors on Tv really think. Please share!
MAGICMARK
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@waran1102, I absolutely follow @sumastardon, he makes great calls and bolsters my own TA, where I do rely on his support and resistance targets. I also am very tuned into @Nidalas, he has great overall perspective and I've learned a lot from him. One person I've been following lately because she has a great instinct for making good calls is @BethanyJoy, she has some special mama bear power and finds key trend lines and shaping patterns faster than I"ve seen anyone else do!
waran1102
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@MAGICMARK, Thank you man. I checked them out and they look really promising.