Hello traders!
Always, it is good to have two different plans in case things don't go your way. In the interest of that, here is my BEARISH Eth chart, and let's just say - I hope it's wrong!
Now, everyone knows by now that Elon Musk, tweeted "Ethereum" but less reported is that he followed this up with "jk". Still, Eth struggles. I think the market is beginning to smarten up to FOMO especially that which comes from celebrities. Also, Elon I think is known to have a bit of an affinity for trolling. I can definitely see him taking a few shots of whiskey and thinking to himself, "I wonder what happens if I shill a crypto with a cryptic tweet?". Think, that's who Elon is, an engineer, with a sense of humor.
This to me would make sense, so don't buy into any TSLA hype, any time soon, without more information.
Anyways, about the chart. Well, it's bad. The recovery pattern on Ethereum is not nearly as consistent as Bitcoin. While the LOWEST I can see BTC going in the near future would be 4400 - 4600 (refer to some of my BTC charts to see that retracement), it's quite possible that if BTC dips heavily, ETH could see new lows - $75 - $80.
This is the 127% Extension target of the CD waves on both the Bearish Gartley identified (left) and the Bearish ABCD (right), both Fibonacci based patterns.
The fib channels, as you can see there, support the POSSIBILITY of such a move.
All I'm saying is, be careful with Ethereum, the gartley is one of my favorite patterns. It was actually able to call the BTC low nearly a week in advance:
Previous Analysis:
Always, it is good to have two different plans in case things don't go your way. In the interest of that, here is my BEARISH Eth chart, and let's just say - I hope it's wrong!
Now, everyone knows by now that Elon Musk, tweeted "Ethereum" but less reported is that he followed this up with "jk". Still, Eth struggles. I think the market is beginning to smarten up to FOMO especially that which comes from celebrities. Also, Elon I think is known to have a bit of an affinity for trolling. I can definitely see him taking a few shots of whiskey and thinking to himself, "I wonder what happens if I shill a crypto with a cryptic tweet?". Think, that's who Elon is, an engineer, with a sense of humor.
This to me would make sense, so don't buy into any TSLA hype, any time soon, without more information.
Anyways, about the chart. Well, it's bad. The recovery pattern on Ethereum is not nearly as consistent as Bitcoin. While the LOWEST I can see BTC going in the near future would be 4400 - 4600 (refer to some of my BTC charts to see that retracement), it's quite possible that if BTC dips heavily, ETH could see new lows - $75 - $80.
This is the 127% Extension target of the CD waves on both the Bearish Gartley identified (left) and the Bearish ABCD (right), both Fibonacci based patterns.
The fib channels, as you can see there, support the POSSIBILITY of such a move.
All I'm saying is, be careful with Ethereum, the gartley is one of my favorite patterns. It was actually able to call the BTC low nearly a week in advance:
Previous Analysis:
Note
To invalidate this idea I'd like to see ETH rally $175+Note
Invalidated! Woohoo!
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.
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.