Based on a chart pattern I came across along with some cycles, volume analysis and fractals, it looks like a high potential play for $240-290 ETH could come this week.
Who knows what the spark will be to drive the selling, but it can't be pretty if this is what results from it.
DISCLAIMER: this is not investment advice and I make no assertions that I know WTF is going on.
As the start of this "final correction" takes hold here it looks like we're about to say the final goodbye to these $360-370 levels for awhile.
Here's what I'm envisioning this week. Next week could be bloody.
Things about to get ugly.
This is based on an analog of BTC in Oct 2012 (bitcoincharts.com)
Anyhow, could be way off (has to break above $237 for that to happen I think) but it could potentially reach $160 in the next couple weeks.
You don't see these every day in Crypto. In fact I can't recall ever seeing one this sharp on a Crypto before. It's oddly enough something you see much more in stocks.
Anyhow it's a pretty good top signal.
In this case the target would be mid-$180's.
Very short-term signal. I'm very bullish ETH around $160-175 for at least a doubling in a month or so.
Basic Elliott and volume analysis here pointing to a further run into the rest of Q1 2020.
0.0005 is the firm support for ATOMBTC in this move. Below that would negate this scenario and would require re-analysis.
As evidenced on the chart, the 12-hour bar chart of ATOMUSD just closed above the previous recent 12-hour bar high for the first time since this decline started back in June.
Basic trend change indication.
The next sign of a reversal I'm looking for is a close, on more volume than what we just saw, above $2.60 resistance.
Basic e-wave here with my own touch.
Basically as long as price didn't break above 11.2k here this remains in play.
This scenario also matches up with the fractal I've been posting about on my Twitter.
Tried and true crypto indicator here which 95% of the time signals a trend change in most crypto's I've encountered...we'll see if ATOM plays along.
Breaking above $4.20 would signal a breakout up out of the triangle.
Breaking below the light red and thick red lines at about $3.50 would be pretty bad. Simple as that.