ivogruev
Long

Ready for a new top

KRAKEN:ETHXBT   ETHXBT
368 1 7
As a technical analyst I am used to take into account only the waves and the price action but the picture around the price of Ether start to look like hype and I will give some more details confirming that in the coming weeks a biger correction will be needed. Indeed for the short term I am an ultimate bull but for the medium term my bias is quite bearish . For the next few days or even weeks I expect a new top above 0.037 for Eth/BTC             . But how high the price can climb is very difficult to guess. According to my experience with the cryptocurrencies the fifth waves are used to be extended. It's not a must but that is often the case. If this is the correct scenario before any major correction Eth will take with ease the resistance at 0.037 drawing wave 3 (pink) of 5 (blue). With such break out the bulls will not be done. They will need to finish wave 4 (pink) and wave 5 (pink) of 5 (blue). A decent target for the final jump is around 0.04-0.045. But if the bulls decide the extend the fifth wave, then we can see the madnes of the crowd pushing the price at unforeseeable levels. It can climb to 0.05 or even 0.1 and if this strong bullish scenario occurs it can take more then one month before the correction starts. It's alwais better to bet for a modest target so let's first see the first target and then we will look what the market offers.
Since the inception Ether proved to be a very good investment. For the long run I believe the price of Ethercoin has long way to go up. But we need to take care about the trap for the last bulls when the fifth wave will be finished. There are many confirmations to the technical picture I described. Meanstream media is not used to write about what happens in the crypto world but the last days we see ethereum covered everywhere. This is a sign that the price is close to a top. We don't know how close but it's better to be prepared. The price of the cryptocurrency was fueled for months by a lot of positive information. Finaly the big success of the DAO and Slock.it helped the price to expand more then 30 fold in 7 months. Such bold performance deserves a great correction for several months. How deep it can go? I will wait to see where the top is and then will give any forecast for the retracement.
zeratul600
6 months ago
0.1 count me in for the short of my life!
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out