I'm no master of Technical Analysis. I compared the correction of mid-last summer and our current correction now (In Ethereum).
Both seem to follow the same elliot wave correction pattern, and this current wave looks exactly like the last B wave correction leg. It looks like we are getting setup right now for a huge leg down.
The thing is though, last time we corrected like this, the first correction only went down to the 61.8% line before rebounding, but this time we almost hit 50%. However, last correction still ended up reaching the .382 line, and if we hit that again we are looking at sub 600 Eth.
I'm not selling yet; I would need to see clear confirmation that we broke the current upward wedge (1 hour candle needs to close fully under it). I would probably ladder buys from 950 down to 700, and leave the sub 700 buys for the those who are braver.
Thoughts?
Logan Rodriguez
Yes
Luke Perry
thx just bought 100k
Brody Richardson
Thx just printed 100m.
Cameron Clark
ahahahahah looking for intelligent responses in Veeky Forums
Adam Flores
Thanks just bought -100k
Evan Fisher
Very insightful stuff.
Jordan Watson
I hope it's real because I'm planning to buy in
Jaxson Turner
Interesting. I hope your memelines are correct. A hard crash like that would be nice. I'd love to buy back in that low.
Luke Walker
do even fibonaci bro? that's not how it works
Nolan Flores
Anyone who thinks we aren't going to reach $15k and then drop back to $8k is a blind retard. Personally I'm going to sell low and buy lower.
Connor Moore
Educate me
Xavier Nelson
What TA software do you use?
Michael Morales
Thanks just bought -100k
Hunter Rivera
Just tradingview
Ryder Stewart
Didn't think so
Easton Gomez
Thanks.
Some questions: What timeframe are you looking at that you think this will occur? What signs are you looking for to prove or disprove your hypothesis?
Logan Barnes
Nice meme lines, but the ICO rush this year will be massive, much bigger than it was last year and it will push ETH to outer space. Digital gold rush.
Henry Rivera
Never mind, apparently I can't read charts. Looks like late Jan to mid Feb? I guess my question really is, are there any indicators you could see sometime next week that could prove or disprove your hypothesis?
Jackson King
Unsure of time frame, I'm not skilled enough to make a guess on that. The price movement wedge is tightening up, so I'm personally expecting a market decision within the next day.
If it drops below 950 I will sell. I have no USDT waiting, so no place to buy back in if it keeps going up. If it breaks 1250 I'll probably relax my anus a bit and start looking into how the bull structure is forming
Kayden Rodriguez
Cool thanks, I'm on Rizon #Veeky Forums if you want to drop by.