Well, now, don't you tell me to smile You stick around I'll make it worth yo' while My number's beyond what you can dial Maybe it's cause I'm so versatile
HAHA What's up world? That song always makes me feel good, and the lyrics really apply. =D Let's take a look at Ethereum! Looking at the four hour chart, we can see that Eeth has created a big symmetrical triangle. But MagicPoopCannon! Will it go up? Will it go down? Will it do the moonwalk and go backwards? Well, it's funny that you ask. You see, symmetrical triangles are typically continuation patterns. We've been in a corrective state since the all-time-high, so the pattern should produce a continuation to the downside. Honestly, it's a bit tricky to make that call, though, because you can see that we've also broken out of the top of the falling parallel channel. Most people probably see that breakout, and immediately think we're going higher. I see a symmetrical triangle continuation pattern, and potentially, a failed breakout occurring. Additionally, if we look closely at the structure being created in the breakout space, it resembles a small descending head and shoulders pattern. The MACD is flattening out, but it has drifted above the zero line, which is a weak short-term buy signal. However, before MPC jumps on the bull train, he wants to see some more evidence. Namely, a breakout to the upside, from this symmetrical triangle. Ultimately, we need to just sit back, and let the chart tell us what will happen next. We need to look for a break to the upside, or a break to the downside. If an upside breakout occurs, ETH will probably run up the 23.6% retrace. If a break to the downside occurs, the 50% retrace should be the next stop. However, I'd like to show you how analysts find price targets for structures like this. Since it is a symmetrical triangle, which is a continuation pattern, and we are in a bear market correction, we can assume that the continuation will be to the downside. To find a price target, we can measure the structure, from the lowest point to the highest point. We then take that measurement, and subtract it (in this case) from the breakdown point. Since a breakdown has not yet occurred, I've estimated where a breakdown might happen. We can see that the price target would be below the 78.6% retrace. Personally, I like to shorten these price targets in favor of significant support levels. So, since I see the 78.6 in that general area, I will opt for that as the proposed symmetrical triangle target. Just FYI, this isn't a real target yet. This is only for illustrative purposes. It won't be a legitimate target, until we actually see a breakdown occur. If a break to the upside were to occur, an upside target could be generated in similar fashion. Looking at the chart, we can see that it's really testing the top of that triangle. So anything is possible. We just have to wait and see. Pay close attention, because high volatility could be just around the corner.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Hope you realize that your doomsday scenario are not exactly building up, the way you've been writing about it? Besides the way you've been writing is just contributing to more FUD. It doesn't take much logic to realize that the break can be either ways in a bearish scenario. And no, you are not writing for educational purpose , so you can drop the act.
FonF0n
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@rahulverma0127, looking at your charts it looks like u are the guy how took btc at 20.000$ and no he s praying for a miracle... I mean don t get me wrong but I think u ll be the last person how will talk about predictions....
rahulverma0127
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@RazvanNegoita, dont worry about me. I am safe and making money.Maybe you'd like to join my telegram group to understand what I mean.The truth is that it is easy to impress normies by creating a zillion lines on a chart and yapping gibberish and then there is a simple charting method.
FonF0n
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@rahulverma0127 i bet you are... don t get me wrong but you were betting on 5jan on btc and on the 7jan was going down FAST... and if you are that kind of trader how make money all was 500% it s not a reason to brag, just post u prediction and will see from that point on. And you kinda miss the part when everyone is having this attitude about the maket...
rahulverma0127
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@RazvanNegoita, 05th Jan I had bet that BTC would go sideways when most of the other charters were quite gung-ho that it would rocket, and it didnt rocket- So i stand vindicated since BTC did actually go sideways. Just take any chart of that date and you will see what most of your paid tech analysts were mentioning.Just a handful were being cautious that day.
On 05th Jan, I had predicted that it should attempt to breach the resistance on 07th Jan 18 , which it tried and couldnt and then started falling - on-that-exact-same-date-and -time. (4H Chart,Heikin Ashi, Bittrex) .So, again, I stand vindicated for a prediction 02 days in advance. If I can predict to that level, you sure can predict atleast this much that I didnt take any losses in my trades, so I dont really have to pray for a miracle here for 20K(btw, BTC didnt reach 20K ever on Bittrex, so I couldnt have bought it at 20K, so again you have made an error in your judgement.)
I am now not sure why you are changing the obvious that I had mentioned.... may be to suit your earlier conclusion publicly for what I had said which you obviously didnt like.
You miss the point when some charters are just contributing more to FUD.Just about everyone knows that the market is bearish, its a no brainer on what is going to happen next.Yet, some will benefit immensely from contributing to the FUD - much like the magic eight ball soothsayers. And surprisingly,those who benefit in this manner, are unable to call out a coin which will do well in a bear market, so it is easier to spread more FUD and confidently say - I told you so! And then do the same in a bull market - Fomo - Fud - Fomo -Repeat.
Word of advice- No one, and I mean literally no one, is always right in TA. The big investors see the same charts as you do and they will always figure out your next move,and thats why FA is needed.Eventually, trading is a zero-sum game, someone has to lose for someone to win. Never try to be so cocksure about all those zig zag lines on someone's chart and assume that someone else knows something more than you do, usually they mean nothing and will just circulate general market sentiment - packaged in a colorful little drawing.
Lets see what your next retort would be.
FonF0n
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@rahulverma0127, ok... long story shot the price need to come down, all the shit coins and scam ico need a good shake, we need usdt BAN and to do that this market will go down... that s the idea and right now if you did t see the market being hold not to crush and u see a real posibility in geting up from this point it i rest my case here.... tw .. it was a joke with 20k btc but you did t catch my drift... we will go back to sep-oct 2017 and we can start clean from there
FonF0n
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@rahulverma0127, you can post more here about your views and let time decide about it... it s not going to be 100% accurate but will show us that you skils
mvogel13
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@rahulverma0127, To everybody while we little people are fighting the masters of the universe are making millions. Lets try to work together we are all on the same side. If we had millions and millions we will have our money invested with a family office and just collecting a check.
We are using this forum to educate ourselves and hopefully path a better future for all of us... lets be positive because believe me the big wallets are busy making money and not wasting their time arguing.
Lets work together.
TAneophyte
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@rahulverma0127, lol. It's just an idea. Chill. Oh, the 'making money to fortify my legitimacy' on the internet claim. Everyone made money during the bull run. People making *serious* money don't usually go around fishing for new people to join their telegram. If I'm really good i couldn't be bothered to attract people to join any chat groups. Because many can be fickle when things don't go their way. And i couldn't be bothered with charts by other people if i can have reliable probability predictions of my own.
rahulverma0127
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@TAneophyte, did you see me shill my telegram chat anywhere?