Some TA Kung-Fu for you:
As you can see we have a potentially repeating 80-bar length pattern within the downtrend of ETHUSDT before each drop.
If that 80-bar length trend continues, we might see a breakout at the $92 mark because there is an intersection between the 80-bar length and the upper downtrend line of the descending triangle, which could lead to a...
Quick idea/opinion about short-term action: Falling Wedge from the 1hr up to the 4hr charts indicating an incoming upswing.
Outlook: (1) $3720 and (2) $3820 if an extension kicks in (estimated using rule measure and CoinStudio).
Don't expect moons or lambos, we are still getting lower highs after lower highs on the macrotrend nevertheless.
Good luck mates.
Since the Ethereum price is entirely dependent on Bitcoin and Bitcoin itself is expected to keep its bearish momentum for a while, we assume an extension of ETH's gigantic falling wedge.
On a final sellout and panic incident, we see the real capitulation between $15 and $25, which would set ETH slightly above its mean before the 2017 bull run.
But note: In that...
BTC clearly showing a descending triangle on the 4 hr which usually is bearish.
If this pattern is being validated, we are heading towards $3390 - potentially in one large move, as the volume keeps decreasing, foreshadowing a potentially high-level volatility action.
The $3390 level has been estimated using measure rule and confirmed by CoinStudio.
Sorry, I published my first bearish biased symmetrical triangle on the 15 min chart:
However, bias on the 1hr is still the same and of course more credible than the 15min (note the EMA aligning with the resistance).
Sorry for that!
Just a small update on the 30m/60m: We are forming a symmetric triangle which usually indicates a continuation of the current sentiment. Means BTC might be testing the support at $3550 again soon.
Visit Our Discord: discord.gg
It is always a good idea to see the positive things within bad times. The gigantic bullish wedge, tipping to the capitulation area makes it 1) likely to happen to fall back to the mean but also 2) likely to happen to regain momentum for a long position, back to old heights within the next 18 months.
The Dow does not tend to end its bull-runs with H&S on the monthly but with double-tops, followed by 20-50% retracements to the down-side - something that we see unfolding here (note the trendline and Fib-level support).
Since the FUD is currently accelerating in a similar scale and manner that we had back in 2008, I assume a similar downfall of roundabout 40%,...
The trendline on the monthly has been broken after the massive H&S, finally confirming it. If the support at the black line is kept broken after the monthly closed, we will face the real free-fall, eventually going down to 9100 regions in short-term (talking about next 120 days).
From there we have 2 options within the next couple of years:
1. Further downfall...