Ethereum / BitcoinLargo
Ethereum Bottoming Fractal Update (ETH)
Actualizado
Since we got some crazy market movement today, it's time to post a much needed update on this Ethereum fractal analysis I've been posting about for a while. For a while now, I've noticed a potential fractal that could play out similarly to how it formed before the 2017 ETH bull run. Since Bitcoin has broken some major resistances, the probability that this fractal will play out is actually increasing.
I recently increased my ETH stack by a substantial amount by trading in and out of BAT and ENG. IF the market is going to continue a bit higher from here, I expect Ethereum to finally go on a run. If you look at today's selloff on the Bitcoin ratio, we perfectly touched the final support I was looking at. A decisive break below that support would be a bad sign, but we also broke out above the $140 resistance. If $160 falls, we should see a major move on ETH, taking it up to $200 and beyond.
We'll see what happens. Perhaps we will test the lower supports from today again. The yellow squiggle on my chart shows what I expect on the bullish side of things. Once that former uptrend (red) falls, ETH will most likely skyrocket. The same thing has already happened with ENG and its previously broken uptrend.
Here's the chart zoomed in:
One could potentially go LONG here between 30000 and 33000. This would be a long term trade. Hard to say where targets would be, but wherever one is comfortable with profit. Obviously, as I said, a break back below $140 and then a break below the 29000-30000 support (Bitcoin ratio) would be a bad sign. Always good to be prepared.
This is not financial advice, and I am not a professional. I've been watching and analyzing this market for fun.
-Victor Cobra
I recently increased my ETH stack by a substantial amount by trading in and out of BAT and ENG. IF the market is going to continue a bit higher from here, I expect Ethereum to finally go on a run. If you look at today's selloff on the Bitcoin ratio, we perfectly touched the final support I was looking at. A decisive break below that support would be a bad sign, but we also broke out above the $140 resistance. If $160 falls, we should see a major move on ETH, taking it up to $200 and beyond.
We'll see what happens. Perhaps we will test the lower supports from today again. The yellow squiggle on my chart shows what I expect on the bullish side of things. Once that former uptrend (red) falls, ETH will most likely skyrocket. The same thing has already happened with ENG and its previously broken uptrend.
Here's the chart zoomed in:
One could potentially go LONG here between 30000 and 33000. This would be a long term trade. Hard to say where targets would be, but wherever one is comfortable with profit. Obviously, as I said, a break back below $140 and then a break below the 29000-30000 support (Bitcoin ratio) would be a bad sign. Always good to be prepared.
This is not financial advice, and I am not a professional. I've been watching and analyzing this market for fun.
-Victor Cobra
Nota
By the way, before ENG broke out, it wicked off the broken downtrend in a flash crash event. If ETH does the same, it could actually quickly sell off to the low 20000's (where the broken downtrend - orange - lies). That's another potential scenario. Moves like these happen at the beginning of bull cycles, which is why I'd be careful with stop losses.Nota
USD Chart shows that we broke out of the long term bear trend. The next major resistance isn't really until we get to $360. However, if we're to have one last dip, I expect we can retest the broken trend (somewhere betweek $110 and $120 Nota
Looks like this may not play out how I was originally expecting. Will update if it starts to look bullish again, but as per my recent video, I'm starting to see some warning signs that we could be in for another drop. My hope is that it's simply a shakeout and a necessary test of support.
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