Like many people, I was ultra bullish on ether after seeing massive volume and a forceful bounce from the mid $80's past $300. I grew even more bullish looking at ether's cycles and believing not only was the bottom in, but we were about to rip to new ATH's.
I strongly believe fractals and cycle pattern can be used to make a lot of money in this space but this...
Chart is pretty self explanatory.
Oversold on the daily
Found support on nice trendline slightly above a longer term trendline
MACD looks like its got some momentum for a swing up
Nice reaction from some wicks at the 0.618 fib level.
Nice little fractal of a previous trough wave
Gaps like to be filled and we have a nice and wide, wet and sexy gap that would take BTC spot below $5000 IMO . This is a very plausible scenario and would I love to hear your opinion, even if you are a sloppy ugly internet troll living in your parents crawlspace. Please chime in.
If it is as it appears, we had a mini bubble with a blow off top. Why is this unlike the previous dips? Simple. We made a lower high on high volume. Since then we are making lower highs and lower lows.
To analyze how low BTC will drop we must think "What price can cause maximum pain while keeping the chart overall bullish?".
Since we blew past $6k like an...