Target $200 hit but I do not believe that will go to $500.00 not anymore, still I see H&S forming, let me know in your comment what you believe.
I posted a comment instead of updating my idea
This is still in play, I know the path may be not 100% accurate but I`m expecting bitcoin next 2 months or so to reach my first target under 3K, so ETH will probably go under $100 next weeks, will see.
ETH got under $100 !!! For those who believed and shorted this now is time to start closing your short orders, keep an eye on the market as we might see more dropping on ETH because BTC did not got under 3k yet...
I am still waiting 3K for BTC this year and even 1.8K is possible seeing price action these days, so ETH might go way lower than $100, but I might be wrong and we got bottom in, who knows... so far I`m happy with my ideqa and BTC over 5K will invalidate this idea.
As we discussed previously, a good recovery did occur to then meet and get rejected by the down trend resistance. I expected a greater fakeout (ETH to 280 perhaps) but we can't always get what we want! Nevertheless, market structure seems strong on the idea that a downward movement is still in motion and as you pointed out in BTC, if it reaches 3k then ETH (and everything else) is likely to get hit and go further lower in price too. I'm not sure about as low as 3k but I feel certain BTC will get rejected once more at resistance between 6800-7100 so ETH may have another chance to attempt a run towards 280 before bearishness continues.
We can't rule out the possibility that a bull run may occur, but with little evidence as to why it may happen or support from trend action, I would still say it is not likely. Either way, there is another excellent trading opportunity coming up :)
1. Alcoins were pumped really weird this week and because people expecting pump from those who did not pump I think will not happen, I bet most of the traders bought coins that did not pump `already` and they will probably never will and they will be caught in wrong market direction based on wrong speculations. XRP bull run was really fast and the retrace was similar, but same as ETH when bitcoin pumped it did not follow him, what makes me believe that majority of the traders still believe in a bull run and bought these coins believing they will pump eventually.
2. Bullish sentiment is currently still strong and as always market will prove contrary. The end of the week and month is close, most important end of the 3th quarterly for this year and I`m expecting next month to get a clear breakout of BTC support , who know how market will react, imagine after whole year of 5,8- 6K support and it will be breached eventually in my opinion, but lot of traders believe that bottom was already in and those who believe that I suppose that they will panic when breached and create new chain of events that we can not predict.
That said I`m expecting a drop without any major consolidation next months or at least this is what I see for the moment...