Hello Traders,
Ethereum looks to have formed what I call a mini-cloud-bank patter.
Why, Mini? Because generally speaking Cloud Bank patterns take anywhere from months to years to form, which are followed by a steep 40-60% drop-off with a "V" shape recovery. Clouds usually form during or right before a Bear Market, then take a massive plunge to start a recovery.
Now, my thoughts are, we have mostly seen sideways chop over the last month or so, with some peaks and valleys, before finally dropping 32% from the recent peak. Not speaking too soon, it looks as if the market has found a bottom and has formed a sharp "V" shape recovery, pending no further massive drops.
These types of patterns and market behavior can be ideal for a strong bull run over the next upcoming months for steady and consistent growth to the upside.
Take this with a grain of salt as this is not a true Cloud Bank Pattern but has all of the characteristics of being considered a "Mini" Cloud.
Good luck!
Ethereum looks to have formed what I call a mini-cloud-bank patter.
Why, Mini? Because generally speaking Cloud Bank patterns take anywhere from months to years to form, which are followed by a steep 40-60% drop-off with a "V" shape recovery. Clouds usually form during or right before a Bear Market, then take a massive plunge to start a recovery.
Now, my thoughts are, we have mostly seen sideways chop over the last month or so, with some peaks and valleys, before finally dropping 32% from the recent peak. Not speaking too soon, it looks as if the market has found a bottom and has formed a sharp "V" shape recovery, pending no further massive drops.
These types of patterns and market behavior can be ideal for a strong bull run over the next upcoming months for steady and consistent growth to the upside.
Take this with a grain of salt as this is not a true Cloud Bank Pattern but has all of the characteristics of being considered a "Mini" Cloud.
Good luck!