As you know i have been calling for a panic low for ETH for a while now and expected a a possible low a week ago. That bounce we had was decent but there was no follow through and so it failed already. At the moment we are again at the low and now it is being tested to see if it becomes a double bottom or not.
On the right we can see a bear flag in the making. This suggest the support will break the support and make new lows. But since it as a support zone and we had similar moves fail, it could also turn into a Bart move and make a move up again. The whole market is at crucial levels now and the bears are clearly still in favor. So a break of the bear flag would be a big sign already for the bears and will probably make the price drop. But it could be that the low of a week ago can also still be a support. So nothing clear, but a very good indication would be, if you see this smal bear flag break and start to see a big volume increase, that it will be very likely the bear flag is in play. If we don't see dumping, it could be a false move. The decreasing volume on the left is also in favor of the bears.
Ignore the ABCDE by the way, i just used it to illustrate that double bottom pattern.
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Previous analysis:
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The bear flag broke but no real follow through yet. We bounced up from the previous low, which means the double bottom is still in play. Also looks like a wedge, but these kind or not the most reliable ones though.
Now it's up to the bulls to grab on to this setup and take advantage of the wedge and the double bottom. At the moment the bottom of the bear flag has rejected it so far, so it could still just be a retest before continuing to drop again. But the fact the rejection has been a lot relatively speaking, it's not that convincing from the bulls side. The green support from today's low won't be an easy one to break, so there could still see another attempt. But if the green support breaks, we have to assume we will see a dump happen
ETH double bottom will be in sync with my prediction - the bear market is ending in next 48h . Check out the path to the bottom:
moviestar
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@achoCRYPTO, bear market doesnt end before we dont go above 6(300)k again.
Etch1234
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I agree with your double bottom but I think it's lower, and there is a little bit more to it. On the weekly chart there has been 5 red weeks in a row with no break. I think it would be insane not to see a correction. Also I'd highly appreciate if you let me know what you think about this fractal as it's based on some of the fractals you did before with bitcoin :)
Cryptodesperate
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For those who haven't looked at the ETH chart yet, Eth price has fallen beyond its price support region of $90 which it last surpassed in May. Now Ether does not have a major support until $50 which it reached in last March/April period. So suffice to say, its highly dependent on bitcoin fluctuations now.
ThePickleRick
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@botje11 thank you for analyzing Ethereum, much appreciated!