Had to buy some ETH today - here is why:
UPDATE: Nice one:
If I would only look at this chart and ignore the entire crypto market (e.g. treat ETH like a single stock), this would be a screaming BUY!
We have fractals with a major uptrend line being retested right now:
And we have a bullish wave count to support it:
So in total, what I want to say here is, that ETH might be leading the next rally. It might also signal that the downtrend in BTC is done as well like this:
It will take a few weeks to be more sure about it, and I don't think it is very likely right now, but it is always good to be aware of a "surprise, surprise" scenario.
My gut tells me that 90% of people are expecting more pain to come now that the old low @ 5920 is slightly breached. So we likely have a bearish sentiment and a double bottom @ 6k. That could lead to an unexpected outcome... stay tuned...
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DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
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Well, that would be incredible! Thanks for sharing :)
Hope your perceptions are right .
when will bullish marked start again in a month or more time @ew-and-patterns and this right time to buy cryto i think because it is the biggest dip.
Upvote this: https://steemit.com/free/@bible.com/4qcr2i
Ethereum really looks bullish .. how much you think eth can go up ?
Ask again when the upper trendline resistance is breached significantly^^.
I think ETH is a good buy either way. I also think we will go down more like everyone else thinks. But the market tends to do the opposite when everyone thinks it will go that way. ;)
I noticed that too, but as the entire cryptosphere is driven by BTC, I am not making any bets right now.
I don’t expect any surprise as the Feb low has been breached and according to Elliot Waves Wave C is always much lower than Wave A (Feb low). Once BTC declines further it will pull every other altcoins down as well and this will be the capitulation phase. Note also that BTC dominance is going up, meaning altcoins will decline even more.
All this will lead to extremely low prices; a great buying opportunity!
There is no requirement for wave C to be much longer than wave A (but it often is equal or longer than A). It can be shorter, and even a lot shorter than wave A. There is also a rare case of a failed 5 or a failed C.
This here would also be a legitimate ABC:
I was not aware of this. Thanks for your explanation.
Hadn't you doubled up your holdings already on the 27th of may?
https://steemit.com/eth/@ew-and-patterns/eth-update-27-05-18
I think this is very weak for a trend change. No volume! Might be interesting for short term trading, up to 500-510 (hitting EMA 22), but no further. Too tricky for me!
EDIT: plus it looks like an upward pointing wedge on the hourly. One has to be cautious there, except if you managed to scalp it between 420-430.
Yup, i did. No worries I did not double up again ^^.
There is no real trend change yet. I am speculating on this longterm trendline bounce.
@ew and pattern do you buy ETH this week ?
Is it the correct time to buy?
I cannot give investment advice. I can only write about what I am doing.
Thank you