High probability for ETH to fall into 200$ range.
The chart might look messy, but take your time to go through it and notice the obvious similarities.
Volume profile looks almost identical. If volume won't pick up in the next few days, probabilities for another down move are high. Volume should drop because of the weekend, making this scenario the most probable outcome for now.
I expect sideways movement with a clear short term support pattern to form, which can be broken on monday-tuesday. This will confirm the down move and it's where I will open a short on USD alts.
After this down move is done with, we should be prepared for a bull market, or at least a month of green. A bull would make sense considering the timeframes of bear/bull cycles, the last bull started around November. Historical data also confirms that every bull has started after a big dump like this.
But still, expecting a bull is just educated guessing at this point and we will get a clear view of the direction in the months to come.
This seems to be a likely scenario for Ethereum and the whole market.
Feel free to comment and upvote !
Volume profile looks almost identical. If volume won't pick up in the next few days, probabilities for another down move are high. Volume should drop because of the weekend, making this scenario the most probable outcome for now.
I expect sideways movement with a clear short term support pattern to form, which can be broken on monday-tuesday. This will confirm the down move and it's where I will open a short on USD alts.
After this down move is done with, we should be prepared for a bull market, or at least a month of green. A bull would make sense considering the timeframes of bear/bull cycles, the last bull started around November. Historical data also confirms that every bull has started after a big dump like this.
But still, expecting a bull is just educated guessing at this point and we will get a clear view of the direction in the months to come.
This seems to be a likely scenario for Ethereum and the whole market.
Feel free to comment and upvote !
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