This is why I want to caution you first and foremost in buying and selling on other TA's recommendations IF you do not know how to trade! Now there are some great ones out there MarcPmarkets, Excavo, Dian, all come to mind. I follow them also, I many times make their trades, but I know how to trade which means I understand how to recognize a trade that turns bad prior to the target and exit! If you can not, then you will many times end up like my partner Joe. Waiting to long for it to hit the target and then exiting at a loss. Now it wasn't Joe's fault it was mine, I left the trade.
I can not emphasize how difficult trading market corrections in is. It's boom or bust as you have seen! One day bull the next day bear for many of us. This is why I would rather sit on the sidelines and be patient, and pick up some coins that have just been crushed from the market overall. So here is ETH'.
Originally from our previous article $313 was a critical target for ETH to break to move higher. Well it did, but it also pulled back. What this tells me is most likely we have found or are close to the bottom, but the MARKET in general is not ready for a bull run yet. The last runup was a third wave in cryptos. My 10 year old grandson can make money in 3rd waves, everyone can. But 5th and 1st wave are where money is lost and many of you are finding that out first hand. This is why we batten down the hatches, and get in a good cash position. Even the best TA's have trouble determining whether we are in a 1st wave up or still correcting from the 5th wave. This is why I offer both thesis's. However I still tilt to we are correcting. ( BTC just seems to not want to join the party).
But I have been watching my core holdings for a few weeks to see what they are doing. ETH is in the top 2. As it stands I have a long term target of $950-$1250 over the next year or so. This comes straight from the EW and Fibb. Nothing hidden you can see how I got there. However I also note that we could still potentially retrace down into the lower 200 level and even as low as $160. Again you can see how I got there. This brings me back to Bernard's quote. Only liars buy at the bottom and sell at the top. I have added at the $300 level and will be looking to add more if the correction continues at where around $200 I am backing up the truck. I think we should hit a nice run once we get past this market correction and weak hands are finally flipped from the market. This will allow new money to enter, and quality coins like ETH BCH DASH LTC XRP OMG NEO should start their journey higher. I am not trying to time the bottom I am simply buying into weakness.
Fist of all I would like to thank You for all charts and analysis You share, they are very well analysed and You can clearly see that You put a lot of effort on details. I am very new in this sphere , but also very interested, just was curious if You can check my analysis with this link (https://www.tradingview.com/chart/bDPEk0we/) ; I am interested is here possible CUP and handle pattern or I just missed something.
Thank You very much ... and keep on going :)
I don't think BTC will dip as dramatically - do you?