Finally capitulation. It took 8 months, and ETH will finally be a good buy after it ends
1 2 3 4 5 waves up
A B C down to low wave 4 territory
Cycles I and II almost finished.
Accumulation and III in the next months
EDIT :
wave 4 territory = 140 - 400$
So I mean still in the 200's as the higher probability target
1 2 3 4 5 waves up
A B C down to low wave 4 territory
Cycles I and II almost finished.
Accumulation and III in the next months
EDIT :
wave 4 territory = 140 - 400$
So I mean still in the 200's as the higher probability target
Trade active:
Capitualtion is in, finally
Current price : 180$
I believe we will see a local bottom forming either right now, or after some low volume new lows in the next few days (max 140$)
Current price : 180$
I believe we will see a local bottom forming either right now, or after some low volume new lows in the next few days (max 140$)
Trade closed: target reached:
Congratulations. Took a profit, letting some run with a manual trailing stop, some in longterm investment
ETH overperformed the market in this recovery
(fun fact : I didn't buy a single ETH, but still took this trade through other altcoins -for an average better profit thanks to NANO-)
ETH overperformed the market in this recovery
(fun fact : I didn't buy a single ETH, but still took this trade through other altcoins -for an average better profit thanks to NANO-)
Comment:
Let's analyze ethusd which is a good representant of the altcoin market
We can see that while volume of spot buying is showing reversal, the price structure is showing the same. Observe the black lines.
The orange circles also shows us that this time, we did NOT get rejected *yet*, and bulls are trying to push through
Compare with the volatility at the previous bull trap (pink lines) or previous bear trap (red lines)
Some altcoin are also showing clear reversals on their altcoin vs btc charts, starting with the two big leaders, BCH and XRP (the result of aggressive methods)
This does not change our overall longterm view, and in fact starts to confirm it. We are going from a very "completely speculative" buy during a strong downtrend to a "still very risky but promising" buy during a potential reversal
Note that this is a longterm view, and some more shakedowns are to be expected in the shorter term
We can see that while volume of spot buying is showing reversal, the price structure is showing the same. Observe the black lines.
The orange circles also shows us that this time, we did NOT get rejected *yet*, and bulls are trying to push through
Compare with the volatility at the previous bull trap (pink lines) or previous bear trap (red lines)
Some altcoin are also showing clear reversals on their altcoin vs btc charts, starting with the two big leaders, BCH and XRP (the result of aggressive methods)
This does not change our overall longterm view, and in fact starts to confirm it. We are going from a very "completely speculative" buy during a strong downtrend to a "still very risky but promising" buy during a potential reversal
Note that this is a longterm view, and some more shakedowns are to be expected in the shorter term
First real bounce