The time frame is 1 month. The graph is logarithmic. The main trend is almost entirely from May 2016 (the network was launched on July 30, 2015). Then the “hacking” story and a fork in ETC (initial) and ETH (more centralized).
A week later, ETH will become even more centralized and no longer a cryptocurrency (a true understanding of what a cryptocurrency is). In a year or two, there will be no cryptocurrencies left. No decentralization, complete centralization (substitution of concepts, to achieve the goal).
The graph shows accumulation zones and distribution zones. These are not lows and highs. Notice how the percentage of the average of the smart money set and reset prices differs from the percentage of the maximum lows and highs that the “dumb money” is so chasing. Potential lows and highs may need to be considered, but the basic work should focus on average values of the accumulation and distribution.
Here's how this main (long-term trend) looks like on a line chart without “market noise”.
1 cycle of the secondary trend.
The accumulation zone after the distribution started at -92.69 Before the exit from the accumulation and the reversal, it reset at -69%.
It is up to you to use it or just watch from the side. You should always keep it in mind.
Linear chart (trend direction without market “noise”)
Note that the super reset of -69% before the trend reversal on the line chart is simply not visible. This is all local fear for capitulation of “weak hands”.
So at such times you can use it or watch from the sidelines if you feel you are the “weak link”. Even larger scale between the two cycles.
cycle 2 of the secondary trend Now.
The cycle is now on a larger scale. Note that the price is now down from the high of -82%