Here is an alternative harmonic that could be playing out for ETHUSD. This would have our target be around $1,250-$1,300, which is another level I was targeting yesterday. Then downwards to the 0.618, 1.272 and 1.618 of the AD leg, etc.
*THIS IS NOT TRADING ADVICE*
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Looking good. Watch for resistance to come in as we approach $1,250 and $1,300.
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First target reached.
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Stay the course.
Trade closed: target reached
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Late update (been moving), target hit beautifully. 1.618 target still possible.
I don't see it moving up 22% in 5 days. Thanks anyway. Highly likely the entire space dumps tomorrow on futures expiry. This is because it's purely a function of liquidity. People have to roll their future. Perhaps Feb we get the little bounce, but we all know it's gonna dump hard anway.
Dude, you're like really good at this TA thing. Only one I've seen to call this correctly.
Manifested
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@donyewuc, Appreciate the kind words! I'll try to keep the quality up
elvincontact
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Hmm whats the theory behind this? I dont see ETH slowing down vs all the upcoming ICOs in this case FA will out wit TA
Manifested
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@elvincontact, I guess there's a difference in beliefs between you and I. I think fundamentals are important, but TA is more immediate and tangible. Markets act irrationally all the time, despite fundamentals.
However, this was not posted without consideration for FA. ICOs = selling pressure when the startups sell their acquired ETH for actual usable funds. Historically ETH has dipped after major ICOs due to this.
My core fundamental with being bearish on crypto right now is the fact, yes fact, that all coins are priced on speculation, not valuation. Ethereum is not a mature, scalable blockchain that I hope it will be one day. It cannot currently support all the dApps and smart contracts that are being developed currently, and thus I do not believe $100 billion is a fair valuation of it. That is not to say that one day it will far surpass this valuation, and deserve it, I just think currently it is speculation.
Bigby
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It's looking more and more like we had a false breakout due to the Weiss rating news. I see this as a continuation of a wonky C wave, and we are going down in order to complete this correction before taking a run at the ATH.
Thanks for your work here!
Manifested
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@Bigby, I think you might be onto something there. Idk if entirely due to the Weiss thing, but I was definitely not convinced we had fully corrected yet.