Possible Inverse head and Shoulders? Accurate Trend Lines so far
Updated
For the past few days, I have been trying to analayze what the heck is going on in this slow moving market. None of the "major" trend lines have been making sense to me so I started making local trend lines and "near local" trendlines from more recent highs, and they've been hitting the marks or bouncing off of them.
In this graph, this is what I predict would be the nearby outcome for Ethereum. It will probably bounce off around $861(a pierce through this price is possible) and then down to the green/blue trend line price of $850.23 to $846.27. Follow the green line to see where the price could possibly go after and if the fractal matches the local left shoulder we just had in the past few days.
I also have noticed that while Bitcoin moves the prices of Ethereum, if Ethereum walls are strong, the volatility of Bitcoin isn't as strong as it could be unless those walls get taken down. Once those walls get taken down, then the volatility of the price increases dramatically. Some might say "you're wrong" or "you're crazy" but you have to understand that the Ethereum is #2 in the market cap. And to say that cryptocurrencies' #2 crypto isn't affecting the volatility of the #1 cryptocurrency is biased belief.
Try to see what others are posting to best position yourself in the market. Though my trend lines have been accurate, it is hard to forecast when the trend will break and form a new trend. If we continue to go down, it's great because we can sell and accumulate more coins at a lower price. If we continue to go high, we can continue to profit off our gains. Remember, "you must sell in order to profit." If the prices comes back down again, well, did you profit? Then you end up hoping to reach that high again sometime in the unknown future. Sell it when it's high, and so you have money to buy more when it comes down.
In this graph, this is what I predict would be the nearby outcome for Ethereum. It will probably bounce off around $861(a pierce through this price is possible) and then down to the green/blue trend line price of $850.23 to $846.27. Follow the green line to see where the price could possibly go after and if the fractal matches the local left shoulder we just had in the past few days.
I also have noticed that while Bitcoin moves the prices of Ethereum, if Ethereum walls are strong, the volatility of Bitcoin isn't as strong as it could be unless those walls get taken down. Once those walls get taken down, then the volatility of the price increases dramatically. Some might say "you're wrong" or "you're crazy" but you have to understand that the Ethereum is #2 in the market cap. And to say that cryptocurrencies' #2 crypto isn't affecting the volatility of the #1 cryptocurrency is biased belief.
Try to see what others are posting to best position yourself in the market. Though my trend lines have been accurate, it is hard to forecast when the trend will break and form a new trend. If we continue to go down, it's great because we can sell and accumulate more coins at a lower price. If we continue to go high, we can continue to profit off our gains. Remember, "you must sell in order to profit." If the prices comes back down again, well, did you profit? Then you end up hoping to reach that high again sometime in the unknown future. Sell it when it's high, and so you have money to buy more when it comes down.
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Price currently is following the lime green line that I drew about 7 hours ago. Although it did break the blue support line, by 7 dollars, it seems to be on track. Let's see how it plays out from here. Always be careful. You don't want to ever hear this from a TA but this is no crystal ball. We can only made predictions, but we should be prepared for all unforseen outcomes.
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On our way girls!
Note
We're in a current squeeze, with this triangle, if we can break through, then up up we go. Be careful though if we break downwards here.
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