The 3 day chart makes it pretty clear that Ethereum lost support of the previous ATH before the parabolic rally, but it has bounced back above and will attempt to hold it as support.
This is confluent with the Rising Wedge target, so shorts will be taking profits here which means there should be extra help for a bounce.
We need to see decent volume indicating...
Based on regular accumulation patterns and huge volume coming in at this area near previous support, it looks like an inverse H&S is forming. Some profits should be taken in to the target in case there is further downside.
We've also started putting in Elliott Waves on the lower timeframes, which is great.
As always, ETH should give more profits.
As per my previous idea, BTC went in to the central support area, which was expected to then offer weak support, and fell through. It wasn't strong support, so the precipitous drop has occurred exactly as predicted.
The nearest support is down around 39, so alts may suffer if we get a bounce around there this week or next.
At the very least, we should get some...
As per my previous idea from several weeks ago (/x/PuGYWTgB/), Ethereum has broken out of a large base (purple box) against Bitcoin. The near-term target based on a measured move from that base (equal to the depth of the base) is around 0.069-0.07BTC.
But Ethereum has also broken out of a larger triangle on the monthly chart. And this often leads to testing the...
Fairly self explanatory. With every touch of resistance, it becomes weaker. Wait for a daily close above the tri-point resistance (or 4 or 8 hour close if you're aggressive).
Could also buy off the lower ascending support line if we get a good touch.
Would like to see a weekly close at this level. If it holds the top green line, it is significantly more bullish and would expect a bounce up to at least the monthly resistance above.
If it continues moving slowly down through these three support levels, we could have an extended alt season after some correction and consolidation.
This is a pattern we see over and over again in Bitcoin , on many timeframes. A breakout of a continuation pattern/triangle, a sharp retrace after the measured move of the triangle is complete, and then a bounce that almost looks like a descending wedge that we end up breaking out of and pushing higher.
Nothing is guaranteed, but given this has happened many times...
My previous idea has played out as expected although even more bearish
I am expecting Ethereum to surge due to its own TA since it is breaking out. The bullishness of shitcoins also adds weight to BTC.D continuing to fall.
This is a pretty simple one so not much to explain. Feel...
Potential short term short opportunity.
Might offer a long opportunity also. If it rebounds back above the neckline and invalidates the H&S, it would likely be a good long, as bulls would be back in control.
The future of crypto will be interesting to see. I think BTC will keep losing dominance, but the institutional money is definitely flowing hard in to BTC.
Whatever happens around this current price area will be pretty pivotal.
Looking at this as a Wyckoff accumulation pattern is similarly uncertain. The huge volume now could either be selling (due to how high in...
This is kind of volatility contraction pattern (VCP) is actually pretty rare in crypto. It usually only happens at the very lows of charts, and most breakouts after that run up in to the breakout and never offer a good opportunity.
If this is correct, DUSK should be going much, much higher.
This is a pretty basic Wyckoff consolidation/distribution pattern. The only way to know which, is to wait for it to break the range in either direction.
There would have been a good entry on the spring and stop loss could have been at break even already.
Just a slight update to my previous BTC idea that is tracking well.
I expect a weekly close above this fib resistance, and then a small rally to get people FOMOing in. Price should then take another dump to the trendline to get people scared.
If this happens, I will be looking for a wick to the trendline, and a weekly close on the support line from the previous...
Despite the huge volume selloffs, I don't think BTC is even close to done.
There will be re-accumulation after this huge Elliott Wave, but the difficult part is finding the bottom of it.
It is a game of waiting for the volume to return to buy back at a lower price. I will be waiting for one of these scenarios to play out based on that.
I did not buy the last...
IMO this correction is not over. Of course there is a chance it just runs up from here, but it doesn't seems like there was a large enough period of consolidation for us to continue upward yet. Volume was far too low and there was not enough time for more to join in.
Should be a fairly self-explanatory chart. Feel free to ask questions.
If BTC stays around $50k, that would mean ETH is about $3500 at this price target. I expect the ratio to fall off again from there, but who knows!