I was at a BBQ this weekend and a friend asked me how high could Ethereum go in *THIS* cycle. The answer is always the same - I don't have a clue, but you should say long.
I looked at the chart later that day and asked myself if I was forced to pick a number, which would it be? The highest number possible with some logic attached to it. Keep in mind, the chart above is for THIS cycle.
The price action of today is reminiscent of Q4 2017, when Bitcoin started getting all the thunder after reaching all time highs.
If you take a look at the bull flag in ETH from Q4 2017, you'll see the length of the flag took 161 days before breaking out. If you measure a fib extension from swing low of the pattern to swing high, you'll see that it topped in that cycle almost exactly at the 423.6 fib extension, about $1,450.
Looking at ETH today, I think it's fair to say we have a bull flag developing just over the 30 week moving average, and is currently at the 161st day of the consolidation from swing high to low. Taking a fib extension we see the 423.60 extends to about 14,500... yeah I know.
So if I have to pick a wild number just for fun, that's my number. This is not a prediction. But it should be clear it makes sense to stay long and/or add
I looked at the chart later that day and asked myself if I was forced to pick a number, which would it be? The highest number possible with some logic attached to it. Keep in mind, the chart above is for THIS cycle.
The price action of today is reminiscent of Q4 2017, when Bitcoin started getting all the thunder after reaching all time highs.
If you take a look at the bull flag in ETH from Q4 2017, you'll see the length of the flag took 161 days before breaking out. If you measure a fib extension from swing low of the pattern to swing high, you'll see that it topped in that cycle almost exactly at the 423.6 fib extension, about $1,450.
Looking at ETH today, I think it's fair to say we have a bull flag developing just over the 30 week moving average, and is currently at the 161st day of the consolidation from swing high to low. Taking a fib extension we see the 423.60 extends to about 14,500... yeah I know.
So if I have to pick a wild number just for fun, that's my number. This is not a prediction. But it should be clear it makes sense to stay long and/or add