Running this idea to test an observation.
If this is right, an ETHBTC trend reversal is stirring up, might be aligned with bullish rumours on ETH futures and the block reward reduction from 3 to 2 ETH. Target for the falling wedge should be the level at the end of the arrow.
Let's see if it does the thing.
I'm just learning TA, so I post these more to see how my ideas play out than inform anybody else's thinking. Please tell me if this sounds like a load of misinformed BS.
Looking for the next leg up to land in the €560-€570 range.
It all seems to currently be coming back to that magic number of 1.618 - the One line of this fib retrace is drawn from the support...
I'm not convinced we've been through despair yet. This falling wedge is quite interesting though, and if BTC pulls through 9k, I guess the picture changes.
The RSI is as oversold as it's ever been, and continues to be, unlike previous crashes. So, there has to be some kind of uptick there soon.
But, there might be one final drop into the pit?
Another long term log chart, this time it's ETH - which, like BTC, is mostly a continuation pattern of bull flags going back in time.
How you choose to determine the current trend is up to you, a series of bear flags? Or one big bull flag?
There's blood in the streets, and the smell of fear, we may even be witnessing capitulation.
But it never lasts that long. Unless this really is the end of crypto this time - we've all heard that one before.
This is just a rough little sketch on the zoomed out weekly (log scale), Apart from the Mt Gox prolonged bear market, with some big bear flags in that...