CONVINCE ME THAT THE ETHER BEAR MARKET IS OVER!!! PROOF IT ISN'T
Like many people, I was ultra bullish on ether after seeing massive volume and a forceful bounce from the mid $80's past $300. I grew even more bullish looking at ether's cycles and believing not only was the bottom in, but we were about to rip to new ATH's.
I strongly believe fractals and cycle pattern can be used to make a lot of money in this space but this ether cycle pattern looked too obvious. Could so many people win?
While taking a look at the chart, I pulled up a big picture RSI and was shocked at what I saw. I believe my chart is self explanatory from here. I think Ether will devastate and make a new low. This makes sense seeing as <insert alt>/Eth charts appear to show them making massive multi month gains against Eth. The picture becomes clearer and I have switched from Bullish to BEARISH. Convince me otherwise. Would love you opinion.
I strongly believe fractals and cycle pattern can be used to make a lot of money in this space but this ether cycle pattern looked too obvious. Could so many people win?
While taking a look at the chart, I pulled up a big picture RSI and was shocked at what I saw. I believe my chart is self explanatory from here. I think Ether will devastate and make a new low. This makes sense seeing as <insert alt>/Eth charts appear to show them making massive multi month gains against Eth. The picture becomes clearer and I have switched from Bullish to BEARISH. Convince me otherwise. Would love you opinion.
Note
This will be invalidated if Ether breaks and closes above $225.Note
Since this post we have bounced off of tentative support in the $150's and we had a reaction rally to the low $190's. Currently we are sitting at $181. Nothing has changed regarding my outlook. The daily bear flag has not been invalidated and we have felt resistance at what used to be support. I believe we continue to move down and am expecting a move down to the $100-$130 range. I believe it is very possible that we have not seen the bottom yet and we will see the bottom between $50 and $60. The low will be in when the RSI breaks the downwards trend line on the 3 day chart imo.Order cancelled
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.