Ethereum Mirroring Bitcoin's 2011 Double Bottom
Updated
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For those who have been following our charts on Tradingview and Telegram, you know we have been offering a unique perspective on the market for quite some time. If you remember well, we were the first to point the double rising and falling wedges at the current levels on both Bitcoin and Ethereum (see link at the end of the post to related ideas that was posted a month ago for Ethereum).
On this chart, you can clearly notice how we mirrored Bitcoin's Bear Market in 2011 by performing double rising (in blue) and falling (in orange) wedges on Ethereum above two support levels $180 and $102. If you look carefully at our log chart, you notice that the action through the Bear Market is roughly 85-90% similar. So what's the take away from this chart?
Based on this fractal analysis, it is safe to say that:
1. Ethereum has very likely bottomed at $84-80 in this Bear Market
2. We are currently in a very long sideways range above $125 that started from February 22 until April 15 (maximum May 1st). We have delimited with a red vertical line on the chart on April 15 where most likely the shake out and double bottom will happen.
3. Sometime around April 15 to May 1, when the distribution has been completed at the $125-150 range, Ethereum will wash down in a strong shake out to $84-80.
4. That shake out will aim to get rid of all the inexperienced traders who bought near the resistance and put a proper bull reversal through a big double bottom at $84-80. 5. $84-80 is where you can look to fully buy back on Ethereum (you can mirror the buy on almost all ALTS - except the ones that have no future)
6. Meanwhile, until the sideways above $125 ends, ALTS will randomly start or seek to continue their bull run.
Like this chart and follow us to get updates on this fractal analysis. It takes 1 second to show appreciation to the work put in and shared with you. Together, we can be a strong Crypto community. Don't forget to share our idea with others while referencing our work.
For those who have been following our charts on Tradingview and Telegram, you know we have been offering a unique perspective on the market for quite some time. If you remember well, we were the first to point the double rising and falling wedges at the current levels on both Bitcoin and Ethereum (see link at the end of the post to related ideas that was posted a month ago for Ethereum).
On this chart, you can clearly notice how we mirrored Bitcoin's Bear Market in 2011 by performing double rising (in blue) and falling (in orange) wedges on Ethereum above two support levels $180 and $102. If you look carefully at our log chart, you notice that the action through the Bear Market is roughly 85-90% similar. So what's the take away from this chart?
Based on this fractal analysis, it is safe to say that:
1. Ethereum has very likely bottomed at $84-80 in this Bear Market
2. We are currently in a very long sideways range above $125 that started from February 22 until April 15 (maximum May 1st). We have delimited with a red vertical line on the chart on April 15 where most likely the shake out and double bottom will happen.
3. Sometime around April 15 to May 1, when the distribution has been completed at the $125-150 range, Ethereum will wash down in a strong shake out to $84-80.
4. That shake out will aim to get rid of all the inexperienced traders who bought near the resistance and put a proper bull reversal through a big double bottom at $84-80. 5. $84-80 is where you can look to fully buy back on Ethereum (you can mirror the buy on almost all ALTS - except the ones that have no future)
6. Meanwhile, until the sideways above $125 ends, ALTS will randomly start or seek to continue their bull run.
Like this chart and follow us to get updates on this fractal analysis. It takes 1 second to show appreciation to the work put in and shared with you. Together, we can be a strong Crypto community. Don't forget to share our idea with others while referencing our work.
Trade active
Note
Come on guys 8 likes only? Pretty sure this is an eye opener for a lot of you. This chart along our TA is way better than these so "moon only top chartists on Tradingview" with an arrow to 6 digits. If you disagree with this chart, feel free to discuss respectfully below and say why ;)
Note
So far the market is pulling back as expected after encountering strong resistance near the top of the orange and red falling wedges. Based on the fractal, the pullback should be expected to hit initially $125-123 but will wick down to $121.00-119.50 support which would be the optimal buy area we will spread buy orders at as we will bounce back up from there (along ALTS) and retest the top resistance at $130-129 for few more weeks of sideways before we gradually sell of to $84-80 after April 10-15.
Trade closed: target reached
Just to provide a closure on this still idea:1. Ideally this fractal comparison would have been spotted earlier in the Bear Market as it would have served as a great guide as history does repeat itself to some extent. Will definitely be looking closely to such scenarios on the next Bear Market 3-4 years down the road
2. Fractals are not foolproof and will tend to break or fails in the end
3. However, a break out past the top of the red large falling wedge confirmed the return of the bull market and the failure of the double bottom we've been hoping for on Ethereum.
Time to be bullish and look towards the bull trend confirmation and the start of the multiyear bull market and megabull together. This will start with a break past $190-210 resistance as the 3D 1W bands squeeze tight and confirms with a move above $300.
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