Time to load up, bottom on Ethereum is approaching
Been using this fractal for a while, finally going to publish it. Both of these structure moves have ~70% retraces with Ethereum's being bigger. Historically Crypto doesn't do more than 80% on it's pumps and dumps before they bottom out. Even ripple, the king of the mega retrace, only does about 70% or so. Dash, 72% dump. etc. etc.
What I like is how this is a falling market, slowly quickening into euphoria with the dumps and the slope of the bleed becoming steeper and steeper. I like this setup. I don't like the lack of capitulation volume.
Either way, it's at a mighty discount. Load up the bags. Target is the $220-250 range.
Some other supporting charts:
Falling wedge going to capitulation. I suppose $80 target is support too, but I think it's too much to go in one leg and won't be tested.
ETHBTC pair landing on a higher high here would be very nice. Structure support around 0.062 as well.
What I like is how this is a falling market, slowly quickening into euphoria with the dumps and the slope of the bleed becoming steeper and steeper. I like this setup. I don't like the lack of capitulation volume.
Either way, it's at a mighty discount. Load up the bags. Target is the $220-250 range.
Some other supporting charts:
Falling wedge going to capitulation. I suppose $80 target is support too, but I think it's too much to go in one leg and won't be tested.
ETHBTC pair landing on a higher high here would be very nice. Structure support around 0.062 as well.
Trade active:
Bags loaded, let's go.
Comment:
Not a bad place to scale out a bit and take profits.
Comment:
Orderblock didn't quite get hit on Bitfinex, though GDAX went to $130 which is quite a bit deeper. It ALMOST manage to get there but not quite.
Not a bad bounce from that either.
Not a bad bounce from that either.
Comment:
$220 target getting hit. SELL MOAR. Bounce going very nicely.
Trade closed: target reached:
Target hit, bear trendline touched. Consolidate now for a few days probably. Unclear on what's next.
Target hit, bear trendline touched. Consolidate now for a few days probably. Unclear on what's next.
Comment:
Really extended up here... I have this itch I can't get past that we're just bull trapping everyone up here. Only reason is the 2013 bitcoin fractal. Will be interesting to see how this one plays out.