This trapezoidal region is represented by a local uptrend and down trend converging with a longterm uptrend and downtrend. I believe this region represents a local lower bound and upper bound for purchase.
Please let me know your thoughts.
I performed an analysis on the pattern of Ethereum falling from a peak (1), reaching a trough (2), returning to a local maximum (3), and then returning to a start point for the next cycle to occur (4).
Based on this study I predict the next positions (approximately).
1. $520 (Blue) -- Starting line
2. $405 (Red) -- Buying Line
3. $475 (Green) -- Profit line
4....
I've studied the bullish hook reversals which occur at the bottom of a downtrend for Ethereum to determine the highest probable outcome of a new local maximum. The data I used was an Ethereum daily chart spanning from August 8th 2016 to March 29, 2018. The two variables I considered were duration of time for the downtrend to reach a reversal and the Fibonacci...