I think there's a high probability Bitcoin is in the process of forming a massive reverse head and shoulders.
Many are wondering right now if they missed the bottom. Those who were trying to short bitcoin to 2k, 1k and below are starting to feel the burn, second-guessing themselves and their strategy.
Pretty much everyone knows bitcoin will surpass its ATHs,...
Chances are you could pick almost any indicator and see that we are nearing a bottom. RSI levels on the daily BTC Bitstamp chart are lower than they've ever been (even lower than 2013 and 2014 capitulations).
For this chart, it's a simple exercise in picking some historical price levels and extrapolating them. Check out the lower green line of the triangle....
If this bear trend continues, ETH may reach ~186 in about 12 hrs, at which point I think it has a good possibility of having a small rebound to ~195. I don't think this rebound will last, however, and ETH will continue its downward trend, perhaps on a journey leading to ~150.
Possible ETH Behavior up to August 1st (and beyond) using Gann Square
ETH continues its bearish tendencies it seems. It may fall through the blue arc in a severe drop to the first arc. Potential entry here (green circle) with an exit (red circle) at the 1x1, which ETH is unlikely to punch through upwardly in the near term.
Here's a second iteration of my previously-published idea. I think ETH may be following Scenario 2 where we see prices in the 170-180 range before we are ready for another major bull run after August 1st. ... and that's if we're lucky. Another possibility is that we drop yet further, which I'll illustrate with my next published idea.
Using the Gann chart, I think we could see ETH bottoming-out 185-173. According to this setup, it doesn't seem that it will go lower, but rather the bear trend will reverse and hopes will begin to soar again. The red circle shows where the next rally will end and then more rallies? Maybe not and the green represents a possible buying opportunity, being at the 5th...