The Rise and Fall of ETH Part 3 (The great bull trap)

POLONIEX:ETHBTC   Ethereum / Bitcoin
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RSI broke down from trend. Price flirting with breaking the parabolic trendline . Could still get one more high to 2.618 ext. but if we start closing candles above there the idea is pretty much invalidated. This feels similar to the bitcoin bull trap of early 2014 to me, could be wrong of course : )
Bình luận: broke the parabolic trendline...
Bình luận: 4h chart...looks like a head and shoulders pattern in the works:
Bình luận:
Bình luận: Hi all, last update was in the comments, was watching that rising wedge. Since it broke up that pretty much invalidated the bearish head and shoulders pattern and thus it was the clear sign I was wrong. What now is tough to say, definitely still a believer in this general idea, but the price can easily go higher first. There is strong resistance at the 2.618 fib extension so that's where I would expect this to reverse. If not perhaps ETH truly is going to into the stratosphere, but at this market cap relative to bitcoin and all the potential competition coming in for ETH, scaling problems, etc…I doubt it but who knows. Stubborn bear : )
Bình luận: Here we go, price at resistance now. I think that could be it for ETH...give or take. Probably depends on the bitcoin bottom being in. I think theres great potential for this to be the yearly top and if not at least good for a big drop.

Yes I could be wrong, be careful, blah blah blah. Is this time different? Is ETH about to overtake bitcoin? Anything is possible but its usually unwise to bet against the king. If you disagree feel free to long ETH : ) Anyway, Gluck! Most importantly have fun.
Bình luận:
Bình luận: Horizontal support seems to be holding well, and stoch rsi screaming for a bounce. Looking for it to become a right shoulder before the big drop down doe. Watch volume, should be weak.
Bình luận:
Bình luận: Considering the bounce in bitcoin (and negative correlation)...this right shoulder may be brief.
Bình luận: reached. Beautiful.

Looks like the Coinbase founders were really upset about their $ETH value getting destroyed...they just announced support for ICO's in the future. Time for the exit pump? If not should prolly be good for at least a small bounce.

Bình luận: Indicators:
Bình luận: ETH/USD bounce beautifully off of support from 6 month ascending triangle earlier in the year, which also happens to be the .786 fib level. This level should hold at least for now, what happens if bitcoin makes new lows? Hmmm.
Bình luận: red trendline must have slipped out of wack, fixed it:
Bình luận: 3d chart...hidden bull divs erry where
Bình luận: Hmmm lots of hidden bear divs forming at the 200 MA on the daily chart...this could pull back around here. There is a bull flag on lower time frames...keep an eye on it. Daily may have more weight.
Bình luận: The price broke the flag on the 4h chart...seems we are at a pivotal point here. If we can break the channel--up to at least the .075-.08 range. But I think more likely we get a nice pull back here before higher.Yesterday ETHUSD broke its bear market channel, perhaps that was a hint of what comes next in BTC? If so btc could steal the show for a bit while alt/btc ratios pull back. Should be interesting to see how it plays out. luck!
Bình luận: chart link got messed up sorry, here:
Bình luận: kinda feels like most alts have interim topped...about to test the channel, if we break back below looking for the initial post. Price would have to break the local high to convince me the bull is back.
Bình luận: Seems like one more leg up (perhaps after some consolidation) then that may be all she wrote:
Bình luận:
Bình luận: Daily chart...RSI has been a great indicator to watch...hanging on by a thread:
Bình luận: we go...if .08 falls watch out for a big drop.
Bình luận: Would you prefer the small hammer or the big hammer? What is the risk reward here? Gluck.
Bình luận: 2h chart...if we break below .00825 it could be the start of a larger move down.
Bình luận: Time for another sad face? Destination the same Either way IMO. 2h chart.
Bình luận:
Bình luận: Here we go... (2h and 1d charts)

Bình luận: Perhaps the world computer does have one more rally left before it meets its maker. If it breaks the trendline it could even go as far as .011xx but wouldn’t count on it.
Bình luận: Head and shoulders failed...downtrend resumes
Bình luận: Pretty much all alts bouncing... *if* and thats a big if... it can back above the neckline there could still be a bit of upside left. Probably best to see which breaks decisively first .076 or .08.
Bình luận: .076 failed to hold...downtrend resumes.
Bình luận: Short term target is top of the light blue box...then black dotted trendline eventually.
Bình luận: Lol SEC declares ETH is not a security. Meh, still don't see it getting back above .0815 level, we'll see.
Bình luận: Daily RSI (which has been great for ETH/BTC) is giving us a hint : )
Bình luận: Perhaps we could get a fractal of prior price action...yes I think it is ultimately going that low. Feel free to disagree.
Bình luận: Looks like a bear flag to me...
Bình luận: Bear flag target was hit...could get something like this but going lower eventually IMO
Bình luận: Fractal did not initially play out, so as u would expect dropped to the next level of support. Still think a dead cat to the pink trendline is likely before the fall, a break of the rsi trend supports this notion.
Bình luận:
still here. need a extra wide screen to see the whole chart now
Phản hồi
such a journey! \o\ /o/ \o\ /o/
+1 Phản hồi
Eth is a fake crypto burten is bastred he stolen he is a mother fucker man
Phản hồi
I think if we see this fractal, the next leg down will be from BTC dropping more. The real bad second leg down will be from A recovery with BTC leading
Phản hồi
btc_joe RexItUp
@RexItUp, Agreed, I think eventually bitcoin is going to the high 3xxx's...a relief rally to 7xxx over the next week or two wouldn't surprise me though.
Phản hồi
Great. Sitting 100% BTC
Phản hồi
Unsure how to interpret the RSI lines in your chart.
Phản hồi
btc_joe RexItUp
@RexItUp, You can make trendlines with RSI same as you can with this case it looks to me like the RSI broke the green supporting trendline and made it resistance (indicating a drop is coming).
Phản hồi
u jinxed it! >;(
Phản hồi
It's hanging in there. Eth continues to lead on price.
Phản hồi
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