THIS IS NO DOUBT ETHER'S BIGGEST RALLY, BY MARGIN, IN SUCH A SHORT PERIOD(10 DAYS)! IF WE DO NOT BREAK $900 I SEE A MARKET CORRECTION THAT'S GOING TO BE AT LEAST -50% OF THE 4-DAY RALLY PERIOD.
ETH/USD - As market volume degenerates we may have reached the peak of our 15-day bullish run. RSI making it out of the overbought zone. I see a possible (but inevitable) correction as indicated by the Bearish Bat (XABCD pattern). Not sure how big a correction but let us see... I don't think we're going back below $400 though.
I do not think I speak for myself when I say it is quite a relief to finally see ETH/USD break above the resistance line ($350) and exit the ranging territory ($250 - $350) and into the bullish territory ($350+). It has been quite frustrating & almost felt like watching grass grow (by cryptocurrency standards).
It is quite early to tell if it can stay above $350...
I accidentally published my last idea related to ETH/USD becasue I thought I would later be able to modify it while saving it to a "drafts"-like tab but clearly Trading View does not work like that.
NB: I used the purple mountain-like tool to show different ETH/USD business cycles. Every "mountain" refers to a complete business cycle.
Anywho, as we can see that...
This is not quite an idea but a mere observation. The Rand has been depreciating in its value against the US Dollar in the past decade. While Bitcoin has been smashing it by a pretty impressive margin. This can mean a lot of things but my focus is on the fact that the Rand has been steadily and consistently shedding its value against the world's biggest economy....
